N-CSRS 1 primary-document.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
FORM N-CSRS
 
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
 
Investment Company Act file number 811-05878
 
Franklin Value Investors Trust

(Exact name of registrant as specified in charter)
 
One Franklin Parkway, San Mateo, CA  94403-1906

(Address of principal executive offices) (Zip code)
 
Alison Baur, One Franklin Parkway, San Mateo, CA  94403-1906

(Name and address of agent for service)
 
Registrant's telephone number, including area Code: 650 312-2000
 
Date of fiscal year end: 10/31
 
Date of reporting period: 4/30/24
 
 
Item 1. Reports to Stockholders.
 
a.)
 
The following is a copy of the report transmitted to shareholders pursuant to Rule30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30e-1.)


b.)
 
Include a copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule.   
Not Applicable
.
 
Semiannual
Report
Franklin
Value
Investors
Trust
April
30,
2024
Not
FDIC
Insured
May
Lose
Value
No
Bank
Guarantee
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
.
The
Securities
and
Exchange
Commission
has
adopted
new
regulations
that
will
result
in
changes
to
the
design
and
delivery
of
annual
and
semiannual
shareholder
reports
beginning
in
July
2024.
If
you
have
previously
elected
to
receive
shareholder
reports
electronically,
you
will
continue
to
do
so
and
need
not
take
any
action.
Otherwise,
paper
copies
of
the
Fund’s
shareholder
reports
will
be
mailed
to
you
beginning
in
July
2024.
If
you
would
like
to
receive
shareholder
reports
and
other
communications
from
the
Fund
electronically
instead
of
by
mail,
you
may
make
that
request
at
any
time
by
contacting
your
financial
intermediary
(such
as
a
broker-dealer
or
bank)
or,
if
you
are
a
direct
investor,
enrolling
at
franklintempleton.com.
You
may
access
franklintempleton.com
by
scanning
the
code
below.
franklintempleton.com
Semiannual
Report
1
Contents
Franklin
MicroCap
Value
Fund
2
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
7
Franklin
Small
Cap
Value
Fund
12
Financial
Highlights
and
Schedules
of
Investments
17
Financial
Statements
40
Notes
to
Financial
Statements
45
Shareholder
Information
60
Visit
franklintempleton.com
for
fund
updates,
to
access
your
account,
or
to
find
helpful
financial
planning
tools.
2
franklintempleton.com
Semiannual
Report
Franklin
MicroCap
Value
Fund
This
semiannual
report
for
Franklin
Micro
Cap
Value
Fund
covers
the
period
ended
April
30,
2024.
As
approved
by
the
Board
of
Trustees
of
the
Trust,
effective
May
22,
2024,
the
Fund
changed
its
name
to
the
Franklin
Mutual
Small-
Mid
Cap
Value
Fund;
the
Fund’s
80%
investment
policy
changed
to
focus
on
investments
of
small-capitalization
and
mid-capitalization
companies;
the
Fund’s
investment
management
fee
schedule
was
reduced;
and
the
Fund’s
primary
benchmark
changed
to
the
Russell
2500
®
Value
Index.
The
information
below
reflects
the
Fund’s
investment
goal,
strategies,
policies,
risks
and
the
Fund’s
primary
benchmark
index
that
were
in
effect
during
the
reporting
period.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
high
total
return,
of
which
capital
appreciation
and
income
are
components.
The
Fund
normally
invests
at
least
80%
of
its
net
assets
in
securities
of
microcap
companies
with
total
market
capitalizations
of
$1
billion
or
less
or
within
the
bottom
40%
of
the
Russell
2000
®
Value
Index,
whichever
is
higher
at
the
time
of
purchase.
The
Fund
generally
invests
in
equity
securities,
predominantly
common
stocks,
of
companies
that
we
believe
are
undervalued
and
have
the
potential
for
capital
appreciation.
The
Fund
may
invest
up
to
25%
of
its
total
assets
in
foreign
securities.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+8.03%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Russell
2000
®
Value
Index,
which
measures
the
performance
of
those
Russell
2000
®
Index
companies
with
relatively
lower
price-to-book
ratios
and
lower
forecasted
growth
rates,
posted
a
+18.09%
cumulative
total
return
for
the
same
period.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
4
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236.
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Banks
20.5%
Machinery
12.2%
Construction
&
Engineering
6.6%
Energy
Equipment
&
Services
5.4%
Diversified
REITs
3.8%
Insurance
3.7%
Textiles,
Apparel
&
Luxury
Goods
3.7%
Specialty
Retail
3.3%
Capital
Markets
3.2%
Biotechnology
3.1%
Oil,
Gas
&
Consumable
Fuels
3.0%
Professional
Services
2.9%
Health
Care
Equipment
&
Supplies
2.8%
Interactive
Media
&
Services
2.5%
Other
*
19.2%
Short-Term
Investments
&
Other
Net
Assets
4.1%
*
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund's
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
20
.
Franklin
MicroCap
Value
Fund
3
franklintempleton.com
Semiannual
Report
Effective
May
22,
2024,
Steve
Raineri,
senior
portfolio
manager
of
the
Fund’s
investment
manager,
was
added
as
the
lead
portfolio
manager
of
the
Fund.
Thank
you
for
your
participation
in
Franklin
MicroCap
Value
Fund.
We
look
forward
to
continuing
to
serve
your
investment
needs
as
we
pursue
our
new
investment
strategy
as
the
Franklin
Mutual
Small-Mid
Cap
Value
Fund.
Oliver
H.
Wong,
CFA
Portfolio
Manager
CFA
®
is
a
trademark
owned
by
CFA
Institute.
Top
10
Holdings
4/30/24
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
iShares
Russell
2000
Value
ETF
3.2%
Capital
Markets,
United
States
VAALCO
Energy,
Inc.
3.0%
Oil,
Gas
&
Consumable
Fuels,
United
States
Miller
Industries,
Inc.
2.9%
Machinery,
United
States
Matrix
Service
Co.
2.8%
Construction
&
Engineering,
United
States
Helix
Energy
Solutions
Group,
Inc.
2.7%
Energy
Equipment
&
Services,
United
States
Northeast
Bank
2.7%
Banks,
United
States
Sterling
Infrastructure,
Inc.
2.6%
Construction
&
Engineering,
United
States
L
B
Foster
Co.
2.6%
Machinery,
United
States
QuinStreet
,
Inc.
2.5%
Interactive
Media
&
Services,
United
States
First
Business
Financial
Services,
Inc.
2.2%
Banks,
United
States
Performance
Summary
as
of
April
30,
2024
Franklin
MicroCap
Value
Fund
4
franklintempleton.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/24
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+8.03%
+2.09%
1-Year
+11.35%
+5.21%
5-Year
+47.97%
+6.94%
10-Year
+70.67%
+4.89%
Advisor
6-Month
+8.15%
+8.15%
1-Year
+11.65%
+11.65%
5-Year
+49.78%
+8.42%
10-Year
+74.91%
+5.75%
See
page
5
for
Performance
Summary
footnotes.
Franklin
MicroCap
Value
Fund
Performance
Summary
5
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Small-
and
mid-cap
stocks
involve
greater
risks
and
volatility
than
large-cap
stocks.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets
.
The
investment
style
may
become
out
of
favor,
which
may
have
a
negative
impact
on
performance.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
02/28/2026
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
Long-Term
Capital
Gain
Total
A
$0.1838
$1.2746
$1.4584
R6
$0.2718
$1.2746
$1.5464
Advisor
$0.2487
$1.2746
$1.5233
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
1.16%
1.19%
Advisor
0.91%
0.94%
Your
Fund’s
Expenses
Franklin
MicroCap
Value
Fund
6
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
182/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,080.30
$6.28
$1,018.83
$6.09
1.21%
R6
$1,000
$1,082.00
$4.53
$1,020.52
$4.39
0.87%
Advisor
$1,000
$1,081.50
$4.99
$1,020.07
$4.84
0.96%
7
franklintempleton.com
Semiannual
Report
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
This
semiannual
report
for
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
covers
the
period
ended
April
30,
2024.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
high
total
return,
of
which
capital
appreciation
and
income
are
components.
The
Fund
normally
invests
at
least
80%
of
its
net
assets
in
U.S.
mid
cap
securities.
Mid
capitalization
companies
are
companies
with
market
capitalizations
equal
to
those
within
the
universe
of
the
Russell
Midcap
®
Value
Index
at
the
time
of
purchase.
The
Fund
invests
primarily
in
equity
securities
(including
securities
convertible
into,
or
that
we
expect
to
be
exchanged
for,
common
or
preferred
stock)
of
U.S.
companies
that
we
believe
are
available
at
market
prices
less
than
their
fundamental
value.
The
Fund
currently
does
not
expect
to
invest
more
than
10%
of
its
net
assets
in
non-
U.S.
securities.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+16.88%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Russell
MidCap
®
Value
Index,
which
is
market
capitalization
weighted
and
measures
the
performance
of
those
Russell
Midcap
®
Index
companies
with
relatively
lower
price-to-book
ratios
and
lower
forecasted
growth
rates,
posted
a
+20.97%
cumulative
total
return.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
9
.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236.
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Electric
Utilities
6.6%
Aerospace
&
Defense
5.9%
Chemicals
5.7%
Professional
Services
4.9%
Banks
4.8%
Financial
Services
4.8%
Machinery
4.6%
Insurance
4.1%
Health
Care
Providers
&
Services
4.0%
Trading
Companies
&
Distributors
3.7%
Oil,
Gas
&
Consumable
Fuels
3.4%
Energy
Equipment
&
Services
3.1%
Health
Care
Equipment
&
Supplies
2.8%
Real
Estate
Management
&
Development
2.8%
Other
*
34.7%
Short-Term
Investments
&
Other
Net
Assets
4.1%
*
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund's
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Top
10
Holdings
4/30/24
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
Entergy
Corp.
2.8%
Electric
Utilities,
United
States
PPL
Corp.
2.7%
Electric
Utilities,
United
States
PNC
Financial
Services
Group,
Inc.
(The)
2.7%
Banks,
United
States
Parker-Hannifin
Corp.
2.3%
Machinery,
United
States
Kraft
Heinz
Co.
(The)
2.3%
Food
Products,
United
States
Brixmor
Property
Group,
Inc.
2.3%
Retail
REITs,
United
States
Dover
Corp.
2.3%
Machinery,
United
States
Ferguson
plc
2.1%
Trading
Companies
&
Distributors,
United
States
Williams
Cos.,
Inc.
(The)
2.1%
Oil,
Gas
&
Consumable
Fuels,
United
States
Citizens
Financial
Group,
Inc.
2.1%
Banks,
United
States
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
28
.
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
8
franklintempleton.com
Semiannual
Report
Thank
you
for
your
participation
in
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund.
We
look
forward
to
continuing
to
serve
your
investment
needs.
Grace
Hoefig
Lead
Portfolio
Manager
Srini
Vijay,
CFA
Stephen
Shunk,
CFA
Portfolio
Management
Team
Performance
Summary
as
of
April
30,
2024
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
9
franklintempleton.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+16.88%
+10.46%
1-Year
+10.56%
+4.49%
5-Year
+38.06%
+5.47%
10-Year
+73.52%
+5.07%
Advisor
6-Month
+17.00%
+17.00%
1-Year
+10.83%
+10.83%
5-Year
+39.78%
+6.93%
10-Year
+77.89%
+5.93%
See
page
10
for
Performance
Summary
footnotes.
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Performance
Summary
10
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
The
investment
style
may
become
out
of
favor,
which
may
have
a
negative
impact
on
performance.
Small-
and
mid-cap
stocks
involve
greater
risks
and
volatility
than
large-cap
stocks.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
2/28/2025
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
Long-Term
Capital
Gain
Total
A
$0.4165
$0.3712
$0.7877
C
$0.1217
$0.3712
$0.4929
R
$0.3298
$0.3712
$0.7010
R6
$0.5335
$0.3712
$0.9047
Advisor
$0.5006
$0.3712
$0.8718
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.90%
0.92%
Advisor
0.65%
0.67%
Your
Fund’s
Expenses
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
11
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
182/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,168.80
$4.78
$1,020.46
$4.45
0.89%
C
$1,000
$1,164.40
$8.81
$1,016.73
$8.20
1.64%
R
$1,000
$1,167.40
$6.12
$1,019.22
$5.70
1.14%
R6
$1,000
$1,170.40
$2.94
$1,022.15
$2.74
0.54%
Advisor
$1,000
$1,170.00
$3.43
$1,021.70
$3.19
0.64%
12
franklintempleton.com
Semiannual
Report
Franklin
Small
Cap
Value
Fund
This
semiannual
report
for
Franklin
Small
Cap
Value
Fund
covers
the
period
ended
April
30,
2024.
The
Fund
is
currently
closed
to
new
investors
with
limited
exceptions.
Existing
investors
may
continue
to
purchase
additional
shares
of
the
Fund,
please
see
the
Fund's
prospectus
for
additional
information.
Fund
Overview
Your
Fund’s
Goal
and
Main
Investments
The
Fund
seeks
long-term
total
return
by
normally
investing
at
least
80%
of
its
net
assets
in
investments
of
small-capitalization
(small-cap)
companies,
predominantly
common
stocks,
and
generally
investing
in
equity
securities
of
companies
that
we
believe
are
undervalued
at
the
time
of
purchase
and
have
the
potential
for
capital
appreciation.
We
define
small-cap
companies
as
those
with
market
capitalizations
not
exceeding
either:
the
highest
market
capitalization
in
the
Russell
2000
®
Index;
or
the
12-month
average
of
the
highest
market
capitalization
in
the
Russell
2000
®
Index,
whichever
is
greater
at
the
time
of
purchase.
The
Fund
may
also
invest
in
real
estate
investment
trusts
(REITs)
and
invest
up
to
25%
of
its
total
assets
in
foreign
securities.
Performance
Overview
The
Fund’s
Class
A
shares
posted
a
+17.16%
cumulative
total
return
for
the
six
months
under
review.
In
comparison,
the
Russell
2000
®
Value
Index,
which
measures
the
performance
of
those
Russell
2000
®
Index
companies
with
relatively
lower
price-to-book
ratios
and
lower
forecasted
growth
rates,
posted
a
+18.09%
cumulative
total
return
for
the
same
period.
1
You
can
find
more
of
the
Fund’s
performance
data
in
the
Performance
Summary
beginning
on
page
14
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Portfolio
Composition
4/30/24
%
of
Total
Net
Assets
Banks
15.3%
Chemicals
7.4%
Insurance
6.2%
Aerospace
&
Defense
5.5%
Electronic
Equipment,
Instruments
&
Components
5.4%
Oil,
Gas
&
Consumable
Fuels
5.4%
Hotels,
Restaurants
&
Leisure
5.1%
Machinery
4.6%
Capital
Markets
4.1%
Software
3.7%
Construction
&
Engineering
3.7%
Food
Products
2.8%
Health
Care
Equipment
&
Supplies
2.6%
Commercial
Services
&
Supplies
2.6%
Other
*
25.0%
Short-Term
Investments
&
Other
Net
Assets
0.6%
*
Categories
within
the
Other
category
are
listed
in
full
in
the
Fund's
Schedule
of
Investments
(SOI),
which
can
be
found
later
in
this
report.
Top
10
Holdings
4/30/24
Company
Industry,
Country
%
of
Total
Net
Assets
a
a
ACI
Worldwide,
Inc.
3.7%
Software,
United
States
Crescent
Point
Energy
Corp.
3.7%
Oil,
Gas
&
Consumable
Fuels,
Canada
Glanbia
plc
2.8%
Food
Products,
Ireland
First
Interstate
BancSystem,
Inc.
2.5%
Banks,
United
States
iShares
Russell
2000
Value
ETF
2.5%
Capital
Markets,
United
States
SouthState
Corp.
2.5%
Banks,
United
States
Regal
Rexnord
Corp.
2.5%
Electrical
Equipment,
United
States
QinetiQ
Group
plc
2.4%
Aerospace
&
Defense,
United
Kingdom
Primoris
Services
Corp.
2.4%
Construction
&
Engineering,
United
States
Knowles
Corp.
2.3%
Electronic
Equipment,
Instruments
&
Components,
United
States
1.
Source:
Morningstar.
The
index
is
unmanaged
and
includes
reinvestment
of
any
income
or
distributions.
It
does
not
reflect
any
fees,
expenses
or
sales
charges.
One
cannot
invest
directly
in
an
index,
and
an
index
is
not
representative
of
the
Fund’s
portfolio.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
The
dollar
value,
number
of
shares
or
principal
amount,
and
names
of
all
portfolio
holdings
are
listed
in
the
Fund’s
Schedule
of
Investments
(SOI).
The
SOI
begins
on
page
36
.
Franklin
Small
Cap
Value
Fund
13
franklintempleton.com
Semiannual
Report
Thank
you
for
your
participation
in
Franklin
Small
Cap
Value
Fund.
We
look
forward
to
continuing
to
serve
your
investment
needs.
Steven
Raineri
Lead
Portfolio
Manager
Nicholas
Karzon,
CFA
Christopher
Meeker,
CFA
Portfolio
Management
Team
Performance
Summary
as
of
April
30,
2024
Franklin
Small
Cap
Value
Fund
14
franklintempleton.com
Semiannual
Report
The
performance
table
does
not
reflect
any
taxes
that
a
shareholder
would
pay
on
Fund
dividends,
capital
gain
distributions,
if
any,
or
any
realized
gains
on
the
sale
of
Fund
shares.
Total
return
reflects
reinvestment
of
the
Fund’s
dividends
and
capital
gain
distributions,
if
any,
and
any
unrealized
gains
or
losses.
Your
dividend
income
will
vary
depending
on
dividends
or
interest
paid
by
securities
in
the
Fund’s
portfolio,
adjusted
for
operating
expenses
of
each
class.
Capital
gain
distributions
are
net
profits
realized
from
the
sale
of
portfolio
securities.
Performance
as
of
4/30/23
1
Cumulative
total
return
excludes
sales
charges.
Average
annual
total
return
includes
maximum
sales
charges.
Sales
charges
will
vary
depending
on
the
size
of
the
investment
and
the
class
of
share
purchased.
The
maximum
is
5.50%
and
the
minimum
is
0%.
Class
A
:
5.50%
maximum
initial
sales
charge;
Advisor
Class:
no
sales
charges.
For
other
share
classes,
visit
franklintempleton.com.
Performance
data
represent
past
performance,
which
does
not
guarantee
future
results.
Investment
return
and
principal
value
will
fluctuate,
and
you
may
have
a
gain
or
loss
when
you
sell
your
shares.
Current
performance
may
differ
from
figures
shown.
For
most
recent
month-end
performance,
go
to
franklintempleton.com
or
call
(800)
342-5236
.
Share
Class
Cumulative
Total
Return
2
Average
Annual
Total
Return
3
–
A
4
6-Month
+17.16%
+10.71%
1-Year
+12.04%
+5.89%
5-Year
+45.06%
+6.51%
10-Year
+95.26%
+6.32%
Advisor
6-Month
+17.28%
+17.28%
1-Year
+12.31%
+12.31%
5-Year
+46.87%
+7.99%
10-Year
+100.31%
+7.19%
See
page
15
for
Performance
Summary
footnotes.
Franklin
Small
Cap
Value
Fund
Performance
Summary
15
franklintempleton.com
Semiannual
Report
Each
class
of
shares
is
available
to
certain
eligible
investors
and
has
different
annual
fees
and
expenses,
as
described
in
the
prospectus.
Events
such
as
the
spread
of
deadly
diseases,
disasters,
and
financial,
political
or
social
disruptions,
may
heighten
risks
and
adversely
affect
performance.
All
investments
involve
risks,
including
possible
loss
of
principal.
Small-
and
mid-cap
stocks
involve
greater
risks
and
volatility
than
large-cap
stocks.
The
investment
style
may
become
out
of
favor,
which
may
have
a
negative
impact
on
performance.
International
investments
are
subject
to
special
risks,
including
currency
fluctuations
and
social,
economic
and
political
uncertainties,
which
could
increase
volatility.
These
risks
are
magnified
in
emerging
markets.
Real
estate
investment
trusts
(REITs)
are
closely
linked
to
the
performance
of
the
real
estate
markets.
REITs
are
subject
to
illiquidity,
credit
and
interest
rate
risks,
and
risks
associated
with
small-
and
mid-cap
investments.
The
manager
may
consider
environmental,
social
and
governance
(ESG)
criteria
in
the
research
or
investment
process;
however,
ESG
considerations
may
not
be
a
determinative
factor
in
security
selection.
In
addition,
the
manager
may
not
assess
every
investment
for
ESG
criteria,
and
not
every
ESG
factor
may
be
identified
or
evaluated.
These
and
other
risks
are
discussed
in
the
Fund’s
prospectus.
1.
Gross
expenses
are
the
Fund’s
total
annual
operating
expenses
as
of
the
Fund's
prospectus
available
at
the
time
of
publication.
Actual
expenses
may
be
higher
and
may
impact
portfolio
returns.
Net
expenses
reflect
contractual
fee
waivers,
expense
caps
and/or
reimbursements,
which
cannot
be
terminated
prior
to
02/28/25
without
Board
consent.
Additional
amounts
may
be
voluntarily
waived
and/or
reimbursed
and
may
be
modified
or
discontinued
at
any
time
without
notice.
2.
Cumulative
total
return
represents
the
change
in
value
of
an
investment
over
the
periods
indicated.
3.
Average
annual
total
return
represents
the
average
annual
change
in
value
of
an
investment
over
the
periods
indicated.
Return
for
less
than
one
year,
if
any,
has
not
been
annualized.
4.
Prior
to
9/10/18,
these
shares
were
offered
at
a
higher
initial
sales
charge
of
5.75%,
thus
actual
returns
(with
sales
charges)
would
have
differed.
Average
annual
total
returns
(with
sales
charges)
have
been
restated
to
reflect
the
current
maximum
initial
sales
charge
of
5.50%.
5.
Figures
are
as
stated
in
the
Fund’s
current
prospectus
and
may
differ
from
the
expense
ratios
disclosed
in
the
Your
Fund’s
Expenses
and
Financial
Highlights
sections
in
this
report.
In
periods
of
market
volatility,
assets
may
decline
significantly,
causing
total
annual
Fund
operating
expenses
to
become
higher
than
the
figures
shown.
Important
data
provider
notices
and
terms
available
at
www.franklintempletondatasources.com.
Distributions
(11/1/23–4/30/24)
Share
Class
Net
Investment
Income
Short-Term
Capital
Gain
Long-Term
Capital
Gain
Total
A
$0.4570
$0.8647
$1.1169
$2.4386
C
$0.1069
$0.8647
$1.1169
$2.0885
R
$0.3182
$0.8647
$1.1169
$2.2998
R6
$0.6689
$0.8647
$1.1169
$2.6505
Advisor
$0.5882
$0.8647
$1.1169
$2.5698
Total
Annual
Operating
Expenses
5
Share
Class
With
Fee
Waiver
Without
Fee
Waiver
A
0.99%
1.00%
Advisor
0.74%
0.75%
Your
Fund’s
Expenses
Franklin
Small
Cap
Value
Fund
16
franklintempleton.com
Semiannual
Report
As
a
Fund
shareholder,
you
can
incur
two
types
of
costs:
(1)
transaction
costs,
including
sales
charges
(loads)
on
Fund
purchases
and
redemptions;
and
(2)
ongoing
Fund
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
Fund
expenses.
All
mutual
funds
have
ongoing
costs,
sometimes
referred
to
as
operating
expenses.
The
table
below
shows
ongoing
costs
of
investing
in
the
Fund
and
can
help
you
understand
these
costs
and
compare
them
with
those
of
other
mutual
funds.
The
table
assumes
a
$1,000
investment
held
for
the
six
months
indicated.
Actual
Fund
Expenses
The
table
below
provides
information
about
actual
account
values
and
actual
expenses
in
the
columns
under
the
heading
“Actual.”
In
these
columns
the
Fund’s
actual
return,
which
includes
the
effect
of
Fund
expenses,
is
used
to
calculate
the
“Ending
Account
Value”
for
each
class
of
shares.
You
can
estimate
the
expenses
you
paid
during
the
period
by
following
these
steps
(
of
course,
your
account
value
and
expenses
will
differ
from
those
in
this
illustration
):
Divide
your
account
value
by
$1,000
(
if
your
account
had
an
$8,600
value,
then
$8,600
÷
$1,000
=
8.6
).
Then
multiply
the
result
by
the
number
in
the
row
for
your
class
of
shares
under
the
headings
“Actual”
and
“Expenses
Paid
During
Period”
(
if
Actual
Expenses
Paid
During
Period
were
$7.50,
then
8.6
x
$7.50
=
$64.50
).
In
this
illustration,
the
actual
expenses
paid
this
period
are
$64.50.
Hypothetical
Example
for
Comparison
with
Other
Funds
Under
the
heading
“Hypothetical”
in
the
table,
information
is
provided
about
hypothetical
account
values
and
hypothetical
expenses
based
on
the
Fund’s
actual
expense
ratio
and
an
assumed
rate
of
return
of
5%
per
year
before
expenses,
which
is
not
the
Fund’s
actual
return.
This
information
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period,
but
it
can
help
you
compare
ongoing
costs
of
investing
in
the
Fund
with
those
of
other
funds.
To
do
so,
compare
this
5%
hypothetical
example
for
the
class
of
shares
you
hold
with
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
other
funds.
Please
note
that
expenses
shown
in
the
table
are
meant
to
highlight
ongoing
costs
and
do
not
reflect
any
transactional
costs.
Therefore,
information
under
the
heading
“Hypothetical”
is
useful
in
comparing
ongoing
costs
only,
and
will
not
help
you
compare
total
costs
of
owning
different
funds.
In
addition,
if
transactional
costs
were
included,
your
total
costs
would
have
been
higher.
1.
Expenses
are
equal
to
the
annualized
expense
ratio
for
the
six-month
period
as
indicated
above—in
the
far
right
column—multiplied
by
the
simple
average
account
value
over
the
period
indicated,
and
then
multiplied
by
182/366
to
reflect
the
one-half
year
period.
2.
Reflects
expenses
after
fee
waivers
and
expense
reimbursements.
Does
not
include
acquired
fund
fees
and
expenses.
Actual
(actual
return
after
expenses)
Hypothetical
(5%
annual
return
before
expenses)
Share
Class
Beginning
Account
Value
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period
11/1/23–4/30/24
1,2
a
Net
Annualized
Expense
Ratio
2
A
$1,000
$1,171.60
$5.25
$1,020.03
$4.88
0.97%
C
$1,000
$1,167.20
$9.28
$1,016.30
$8.64
1.72%
R
$1,000
$1,170.00
$6.59
$1,018.79
$6.14
1.22%
R6
$1,000
$1,173.60
$3.21
$1,021.91
$2.98
0.59%
Advisor
$1,000
$1,172.80
$3.90
$1,021.27
$3.63
0.72%
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
MicroCap
Value
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
17
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$25.79
$27.57
$32.58
$21.77
$29.32
$31.06
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.09
0.15
0.12
0.11
c
0.11
0.06
Net
realized
and
unrealized
gains
(losses)
2.03
(0.30)
(0.81)
12.15
(2.89)
(0.03)
Total
from
investment
operations
........
2.12
(0.15)
(0.69)
12.26
(2.78)
0.03
Less
distributions
from:
Net
investment
income
..............
(0.18)
(0.09)
(0.08)
(0.11)
(0.06)
—
Net
realized
gains
.................
(1.27)
(1.54)
(4.24)
(1.34)
(4.71)
(1.77)
Total
distributions
...................
(1.45)
(1.63)
(4.32)
(1.45)
(4.77)
(1.77)
Net
asset
value,
end
of
period
..........
$26.46
$25.79
$27.57
$32.58
$21.77
$29.32
Total
return
d
.......................
8.03%
(0.71)%
(2.00)%
57.97%
(12.10)%
0.58%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.22%
1.23%
1.24%
1.23%
1.28%
1.22%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.21%
1.22%
f
1.22%
f
1.23%
g
1.27%
f
1.21%
f
Net
investment
income
...............
0.65%
0.56%
0.45%
0.37%
c
0.50%
0.23%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$145,694
$139,370
$144,717
$161,200
$94,015
$145,897
Portfolio
turnover
rate
................
9.35%
32.63%
19.91%
31.98%
31.04%
7.04%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.05
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.20%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
MicroCap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
18
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$26.39
$28.18
$33.21
$22.17
$29.80
$31.43
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.14
0.27
0.22
0.22
c
0.20
0.16
Net
realized
and
unrealized
gains
(losses)
2.09
(0.34)
(0.82)
12.36
(2.94)
(0.02)
Total
from
investment
operations
........
2.23
(0.07)
(0.60)
12.58
(2.74)
0.14
Less
distributions
from:
Net
investment
income
..............
(0.27)
(0.18)
(0.19)
(0.20)
(0.18)
—
Net
realized
gains
.................
(1.27)
(1.54)
(4.24)
(1.34)
(4.71)
(1.77)
Total
distributions
...................
(1.54)
(1.72)
(4.43)
(1.54)
(4.89)
(1.77)
Net
asset
value,
end
of
period
..........
$27.08
$26.39
$28.18
$33.21
$22.17
$29.80
Total
return
d
.......................
8.20%
(0.35)%
(1.67)%
58.51%
(11.80)%
0.97%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.94%
0.90%
0.91%
0.91%
0.95%
0.89%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.87%
0.86%
f
0.87%
f
0.88%
0.91%
f
0.86%
f
Net
investment
income
...............
1.00%
0.98%
0.79%
0.72%
c
0.86%
0.58%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$15,208
$15,228
$25,570
$23,137
$12,299
$19,266
Portfolio
turnover
rate
................
9.35%
32.63%
19.91%
31.98%
31.04%
7.04%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.05
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.54%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
MicroCap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
19
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$26.15
$27.95
$32.96
$22.01
$29.62
$31.28
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.13
0.23
0.19
0.19
c
0.17
0.15
Net
realized
and
unrealized
gains
(losses)
2.07
(0.33)
(0.81)
12.28
(2.94)
(0.04)
Total
from
investment
operations
........
2.20
(0.10)
(0.62)
12.47
(2.77)
0.11
Less
distributions
from:
Net
investment
income
..............
(0.25)
(0.16)
(0.15)
(0.18)
(0.13)
—
Net
realized
gains
.................
(1.27)
(1.54)
(4.24)
(1.34)
(4.71)
(1.77)
Total
distributions
...................
(1.52)
(1.70)
(4.39)
(1.52)
(4.84)
(1.77)
Net
asset
value,
end
of
period
..........
$26.83
$26.15
$27.95
$32.96
$22.01
$29.62
Total
return
d
.......................
8.15%
(0.44)%
(1.77)%
58.40%
(11.95)%
0.87%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.97%
0.98%
0.99%
0.98%
1.03%
0.97%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.96%
0.96%
f
0.97%
f
0.98%
g
1.02%
f
0.96%
f
Net
investment
income
...............
0.91%
0.83%
0.69%
0.60%
c
0.73%
0.48%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$31,393
$36,980
$44,877
$38,829
$22,429
$29,687
Portfolio
turnover
rate
................
9.35%
32.63%
19.91%
31.98%
31.04%
7.04%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.05
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.43%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
MicroCap
Value
Fund
franklintempleton.com
Semiannual
Report
20
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
92.7%
Aerospace
&
Defense
1.9%
a
Ducommun,
Inc.
......................................
United
States
68,025
$
3,679,472
Banks
20.5%
Arrow
Financial
Corp.
..................................
United
States
133,847
2,980,773
Atlantic
Union
Bankshares
Corp.
..........................
United
States
107,634
3,419,532
Bar
Harbor
Bankshares
.................................
United
States
72,519
1,818,777
First
Business
Financial
Services,
Inc.
......................
United
States
130,500
4,315,635
First
Internet
Bancorp
..................................
United
States
129,182
4,011,101
Investar
Holding
Corp.
.................................
United
States
215,100
3,587,868
Northeast
Bank
.......................................
United
States
100,183
5,181,465
Northrim
BanCorp,
Inc.
.................................
United
States
21,640
1,034,392
Orrstown
Financial
Services,
Inc.
.........................
United
States
122,379
3,208,777
Peapack-Gladstone
Financial
Corp.
.......................
United
States
114,985
2,573,364
Premier
Financial
Corp.
.................................
United
States
173,135
3,355,356
Southern
Missouri
Bancorp,
Inc.
..........................
United
States
69,811
2,799,421
WesBanco,
Inc.
.......................................
United
States
42,357
1,143,639
39,430,100
Biotechnology
3.1%
a
Anika
Therapeutics,
Inc.
................................
United
States
129,315
3,347,965
a
Catalyst
Pharmaceuticals,
Inc.
...........................
United
States
169,495
2,550,900
5,898,865
Communications
Equipment
1.6%
a
Digi
International,
Inc.
..................................
United
States
98,957
3,034,022
Construction
&
Engineering
6.6%
a
Matrix
Service
Co.
.....................................
United
States
480,040
5,405,250
a
Northwest
Pipe
Co.
....................................
United
States
72,942
2,308,614
a
Sterling
Infrastructure,
Inc.
..............................
United
States
49,441
5,023,206
12,737,070
Diversified
REITs
3.8%
Alpine
Income
Property
Trust,
Inc.
.........................
United
States
219,121
3,271,476
CTO
Realty
Growth,
Inc.
................................
United
States
233,613
4,053,186
7,324,662
Electrical
Equipment
2.3%
LSI
Industries,
Inc.
....................................
United
States
166,042
2,424,213
Preformed
Line
Products
Co.
............................
United
States
17,221
2,084,258
4,508,471
Electronic
Equipment,
Instruments
&
Components
1.3%
a
Kimball
Electronics,
Inc.
................................
United
States
120,416
2,520,307
Energy
Equipment
&
Services
5.4%
a
DMC
Global,
Inc.
.....................................
United
States
203,926
3,232,227
a
Helix
Energy
Solutions
Group,
Inc.
........................
United
States
486,866
5,228,941
a
Oil
States
International,
Inc.
.............................
United
States
493,390
1,968,626
10,429,794
Food
Products
1.5%
Alico,
Inc.
...........................................
United
States
103,315
2,883,522
Health
Care
Equipment
&
Supplies
2.8%
a
Semler
Scientific,
Inc.
..................................
United
States
46,172
1,178,771
a
UFP
Technologies,
Inc.
.................................
United
States
7,410
1,526,016
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
21
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Health
Care
Equipment
&
Supplies
(continued)
Utah
Medical
Products,
Inc.
..............................
United
States
41,696
$
2,760,275
5,465,062
Health
Care
Technology
0.6%
a
TruBridge,
Inc.
.......................................
United
States
148,882
1,176,168
Hotels,
Restaurants
&
Leisure
1.0%
a
Chuy's
Holdings,
Inc.
..................................
United
States
61,874
1,822,808
Household
Durables
1.5%
Hooker
Furnishings
Corp.
...............................
United
States
168,099
2,857,683
Independent
Power
and
Renewable
Electricity
Producers
1.4%
Polaris
Renewable
Energy,
Inc.
...........................
Canada
327,240
2,750,076
Insurance
3.7%
Investors
Title
Co.
.....................................
United
States
10,670
1,711,788
Tiptree,
Inc.
,
A
........................................
United
States
186,569
2,972,044
United
Fire
Group,
Inc.
.................................
United
States
106,157
2,345,008
7,028,840
Interactive
Media
&
Services
2.5%
a
QuinStreet,
Inc.
.......................................
United
States
268,487
4,856,930
IT
Services
1.7%
Hackett
Group,
Inc.
(The)
...............................
United
States
152,200
3,301,218
Machinery
12.2%
Alamo
Group,
Inc.
.....................................
United
States
13,249
2,575,341
a
Commercial
Vehicle
Group,
Inc.
..........................
United
States
401,700
2,414,217
a
Graham
Corp.
........................................
United
States
136,385
3,796,958
Hurco
Cos.,
Inc.
......................................
United
States
105,700
1,913,170
a
L
B
Foster
Co.
,
A
......................................
United
States
214,834
4,994,890
Miller
Industries,
Inc.
...................................
United
States
115,027
5,602,965
Shyft
Group,
Inc.
(The)
.................................
United
States
192,745
2,097,066
23,394,607
Office
REITs
1.0%
City
Office
REIT,
Inc.
...................................
United
States
395,184
1,841,558
Oil,
Gas
&
Consumable
Fuels
3.0%
VAALCO
Energy,
Inc.
..................................
United
States
901,246
5,767,974
Paper
&
Forest
Products
1.9%
Mercer
International,
Inc.
................................
Germany
366,300
3,710,619
Pharmaceuticals
1.5%
a
Harrow,
Inc.
.........................................
United
States
281,463
2,868,108
Professional
Services
2.9%
Heidrick
&
Struggles
International,
Inc.
.....................
United
States
113,278
3,339,435
Resources
Connection,
Inc.
.............................
United
States
201,297
2,224,332
5,563,767
Specialty
Retail
3.3%
a
America's
Car-Mart,
Inc.
................................
United
States
50,311
2,879,801
a
Citi
Trends,
Inc.
.......................................
United
States
50,197
1,076,224
a
Genesco,
Inc.
........................................
United
States
93,068
2,355,551
6,311,576
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
MicroCap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
22
See
Abbreviations
on
page
59
.
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Textiles,
Apparel
&
Luxury
Goods
3.7%
Rocky
Brands,
Inc.
....................................
United
States
151,560
$
3,905,701
a
Vera
Bradley,
Inc.
.....................................
United
States
471,674
3,108,332
7,014,033
Total
Common
Stocks
(Cost
$
128,565,166
)
.....................................
178,177,312
Management
Investment
Companies
3.2%
Capital
Markets
3.2%
iShares
Russell
2000
Value
ETF
..........................
United
States
41,624
6,203,641
Total
Management
Investment
Companies
(Cost
$
6,292,306
)
.....................
6,203,641
Total
Long
Term
Investments
(Cost
$
134,857,472
)
...............................
184,380,953
a
Short
Term
Investments
3.9%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
3.9%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
7,521,393
7,521,393
Total
Money
Market
Funds
(Cost
$
7,521,393
)
...................................
7,521,393
Total
Short
Term
Investments
(Cost
$
7,521,393
)
.................................
7,521,393
a
Total
Investments
(Cost
$
142,378,865
)
99.8
%
...................................
$191,902,346
Other
Assets,
less
Liabilities
0.2
%
.............................................
392,771
Net
Assets
100.0%
...........................................................
$192,295,117
a
a
a
a
Non-income
producing.
b
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
23
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$30.11
$32.32
$40.20
$27.59
$34.61
$37.93
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.23
0.43
0.37
0.43
1.14
c
0.52
Net
realized
and
unrealized
gains
(losses)
4.83
(1.23)
(3.28)
13.37
(5.47)
1.13
Total
from
investment
operations
........
5.06
(0.80)
(2.91)
13.80
(4.33)
1.65
Less
distributions
from:
Net
investment
income
..............
(0.42)
(0.33)
(0.45)
(1.19)
(0.54)
(0.46)
Net
realized
gains
.................
(0.37)
(1.08)
(4.52)
—
(2.15)
(4.51)
Total
distributions
...................
(0.79)
(1.41)
(4.97)
(1.19)
(2.69)
(4.97)
Net
asset
value,
end
of
period
..........
$34.38
$30.11
$32.32
$40.20
$27.59
$34.61
Total
return
d
.......................
16.88%
(2.70)%
(8.06)%
51.14%
(13.94)%
6.22%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.90%
0.90%
0.91%
0.91%
0.95%
0.93%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.89%
0.88%
f
0.90%
f
0.91%
f,g
0.93%
f
0.89%
f
Net
investment
income
...............
1.40%
1.33%
1.07%
1.18%
3.94%
c
1.55%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$662,453
$607,754
$688,933
$790,329
$538,538
$735,919
Portfolio
turnover
rate
................
14.85%
64.21%
66.63%
60.45%
57.78%
44.31%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.69
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.55%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
24
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$28.39
$30.50
$38.15
$26.21
$32.97
$36.13
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.10
0.18
0.11
0.15
0.93
c
0.26
Net
realized
and
unrealized
gains
(losses)
4.55
(1.16)
(3.11)
12.72
(5.28)
1.09
Total
from
investment
operations
........
4.65
(0.98)
(3.00)
12.87
(4.35)
1.35
Less
distributions
from:
Net
investment
income
..............
(0.12)
(0.05)
(0.13)
(0.93)
(0.26)
—
Net
realized
gains
.................
(0.37)
(1.08)
(4.52)
—
(2.15)
(4.51)
Total
distributions
...................
(0.49)
(1.13)
(4.65)
(0.93)
(2.41)
(4.51)
Net
asset
value,
end
of
period
..........
$32.55
$28.39
$30.50
$38.15
$26.21
$32.97
Total
return
d
.......................
16.44%
(3.42)%
(8.77)%
50.06%
(14.57)%
5.41%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.65%
1.65%
1.66%
1.66%
1.70%
1.68%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.64%
1.63%
f
1.65%
f
1.66%
f,g
1.68%
f
1.64%
f
Net
investment
income
...............
0.65%
0.58%
0.32%
0.42%
3.36%
c
0.80%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$9,815
$10,359
$15,412
$20,132
$15,881
$27,443
Portfolio
turnover
rate
................
14.85%
64.21%
66.63%
60.45%
57.78%
44.31%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.66
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.97%.
d
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
25
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$30.25
$32.46
$40.34
$27.67
$34.70
$37.99
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.19
0.35
0.28
0.34
1.11
c
0.44
Net
realized
and
unrealized
gains
(losses)
4.85
(1.23)
(3.29)
13.44
(5.55)
1.14
Total
from
investment
operations
........
5.04
(0.88)
(3.01)
13.78
(4.44)
1.58
Less
distributions
from:
Net
investment
income
..............
(0.33)
(0.25)
(0.35)
(1.11)
(0.44)
(0.36)
Net
realized
gains
.................
(0.37)
(1.08)
(4.52)
—
(2.15)
(4.51)
Total
distributions
...................
(0.70)
(1.33)
(4.87)
(1.11)
(2.59)
(4.87)
Net
asset
value,
end
of
period
..........
$34.59
$30.25
$32.46
$40.34
$27.67
$34.70
Total
return
d
.......................
16.74%
(2.94)%
(8.32)%
50.87%
(14.16)%
5.94%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.15%
1.15%
1.16%
1.16%
1.20%
1.18%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.14%
1.13%
f
1.15%
f
1.16%
f,g
1.18%
f
1.14%
f
Net
investment
income
...............
1.14%
1.08%
0.82%
0.93%
3.80%
c
1.30%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$5,735
$4,922
$5,419
$6,362
$4,465
$6,764
Portfolio
turnover
rate
................
14.85%
64.21%
66.63%
60.45%
57.78%
44.31%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.70
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.41%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
26
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$31.66
$33.91
$41.93
$28.73
$35.93
$39.20
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.31
0.57
0.51
0.59
1.27
c
0.67
Net
realized
and
unrealized
gains
(losses)
5.05
(1.29)
(3.43)
13.91
(5.65)
1.18
Total
from
investment
operations
........
5.36
(0.72)
(2.92)
14.50
(4.38)
1.85
Less
distributions
from:
Net
investment
income
..............
(0.53)
(0.45)
(0.58)
(1.30)
(0.67)
(0.61)
Net
realized
gains
.................
(0.37)
(1.08)
(4.52)
—
(2.15)
(4.51)
Total
distributions
...................
(0.90)
(1.53)
(5.10)
(1.30)
(2.82)
(5.12)
Net
asset
value,
end
of
period
..........
$36.12
$31.66
$33.91
$41.93
$28.73
$35.93
Total
return
d
.......................
17.04%
(2.34)%
(7.76)%
51.74%
(13.61)%
6.61%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.58%
0.58%
0.59%
0.59%
0.61%
0.59%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.54%
0.54%
f
0.55%
f
0.55%
f
0.55%
f
0.52%
f
Net
investment
income
...............
1.74%
1.67%
1.42%
1.54%
4.24%
c
1.92%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$34,979
$31,790
$36,512
$39,290
$27,952
$36,398
Portfolio
turnover
rate
................
14.85%
64.21%
66.63%
60.45%
57.78%
44.31%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.72
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.85%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
27
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$31.76
$34.02
$42.04
$28.80
$36.01
$39.26
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.29
0.54
0.48
0.55
1.28
c
0.63
Net
realized
and
unrealized
gains
(losses)
5.08
(1.31)
(3.44)
13.95
(5.72)
1.19
Total
from
investment
operations
........
5.37
(0.77)
(2.96)
14.50
(4.44)
1.82
Less
distributions
from:
Net
investment
income
..............
(0.50)
(0.41)
(0.54)
(1.26)
(0.62)
(0.56)
Net
realized
gains
.................
(0.37)
(1.08)
(4.52)
—
(2.15)
(4.51)
Total
distributions
...................
(0.87)
(1.49)
(5.06)
(1.26)
(2.77)
(5.07)
Net
asset
value,
end
of
period
..........
$36.26
$31.76
$34.02
$42.04
$28.80
$36.01
Total
return
d
.......................
17.00%
(2.45)%
(7.86)%
51.57%
(13.71)%
6.48%
Ratios
to
average
net
assets
e
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.65%
0.65%
0.66%
0.66%
0.70%
0.68%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.64%
0.63%
f
0.65%
f
0.66%
f,g
0.68%
f
0.64%
f
Net
investment
income
...............
1.64%
1.58%
1.32%
1.43%
4.22%
c
1.80%
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$49,671
$43,244
$46,625
$56,787
$34,029
$47,427
Portfolio
turnover
rate
................
14.85%
64.21%
66.63%
60.45%
57.78%
44.31%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.72
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.83%.
d
Total
return
is
not
annualized
for
periods
less
than
one
year.
e
Ratios
are
annualized
for
periods
less
than
one
year.
f
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
g
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
franklintempleton.com
Semiannual
Report
28
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
95.9%
Aerospace
&
Defense
5.9%
Babcock
International
Group
plc
..........................
United
Kingdom
1,997,686
$
12,642,434
L3Harris
Technologies,
Inc.
..............................
United
States
62,976
13,480,013
Melrose
Industries
plc
..................................
United
Kingdom
1,180,430
9,274,595
Moog,
Inc.
,
A
.........................................
United
States
60,965
9,697,702
45,094,744
Automobile
Components
2.4%
Dowlais
Group
plc
.....................................
United
Kingdom
5,015,241
5,097,780
Lear
Corp.
..........................................
United
States
104,469
13,149,513
18,247,293
Banks
4.8%
Citizens
Financial
Group,
Inc.
............................
United
States
469,632
16,019,147
PNC
Financial
Services
Group,
Inc.
(The)
...................
United
States
132,787
20,350,936
36,370,083
Building
Products
2.1%
Johnson
Controls
International
plc
.........................
United
States
242,147
15,756,505
Chemicals
5.7%
Ashland,
Inc.
.........................................
United
States
96,490
9,198,392
Avient
Corp.
.........................................
United
States
289,694
12,288,820
Huntsman
Corp.
......................................
United
States
425,178
10,144,747
Olin
Corp.
...........................................
United
States
232,098
12,134,083
43,766,042
Commercial
Services
&
Supplies
2.3%
a
Stericycle,
Inc.
.......................................
United
States
226,145
10,115,466
Vestis
Corp.
.........................................
United
States
417,472
7,689,834
17,805,300
Construction
&
Engineering
1.5%
a
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
307,579
11,368,120
Consumer
Finance
1.6%
Capital
One
Financial
Corp.
.............................
United
States
83,170
11,929,073
Containers
&
Packaging
1.5%
International
Paper
Co.
.................................
United
States
325,568
11,375,346
Distributors
1.1%
Genuine
Parts
Co.
....................................
United
States
52,973
8,327,885
Electric
Utilities
6.6%
Entergy
Corp.
........................................
United
States
197,244
21,040,018
Evergy,
Inc.
..........................................
United
States
164,041
8,603,950
PPL
Corp.
...........................................
United
States
751,603
20,639,018
50,282,986
Electrical
Equipment
1.9%
Regal
Rexnord
Corp.
..................................
United
States
90,977
14,680,959
Electronic
Equipment,
Instruments
&
Components
2.0%
a
Flex
Ltd.
............................................
United
States
545,039
15,615,367
Energy
Equipment
&
Services
3.1%
Baker
Hughes
Co.
,
A
...................................
United
States
312,111
10,181,061
Schlumberger
NV
.....................................
United
States
292,473
13,886,618
24,067,679
Financial
Services
4.8%
a
Fiserv,
Inc.
..........................................
United
States
61,289
9,356,992
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
29
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Financial
Services
(continued)
Global
Payments,
Inc.
..................................
United
States
92,032
$
11,298,769
Voya
Financial,
Inc.
....................................
United
States
230,071
15,681,639
36,337,400
Food
Products
2.3%
Kraft
Heinz
Co.
(The)
..................................
United
States
458,154
17,689,326
Health
Care
Equipment
&
Supplies
2.8%
Baxter
International,
Inc.
................................
United
States
265,122
10,702,975
a
Envista
Holdings
Corp.
.................................
United
States
543,106
10,688,326
21,391,301
Health
Care
Providers
&
Services
4.0%
Cencora,
Inc.
........................................
United
States
53,111
12,696,185
Fresenius
SE
&
Co.
KGaA
...............................
Germany
303,543
9,058,685
Humana,
Inc.
........................................
United
States
28,806
8,702,005
30,456,875
Household
Durables
1.8%
DR
Horton,
Inc.
.......................................
United
States
96,778
13,789,897
Independent
Power
and
Renewable
Electricity
Producers
1.4%
AES
Corp.
(The)
......................................
United
States
578,625
10,357,388
Insurance
4.1%
Everest
Group
Ltd.
....................................
United
States
41,784
15,310,076
Hartford
Financial
Services
Group,
Inc.
(The)
................
United
States
161,670
15,664,206
30,974,282
Interactive
Media
&
Services
1.0%
a
Match
Group,
Inc.
.....................................
United
States
241,087
7,430,301
Leisure
Products
0.9%
Polaris,
Inc.
..........................................
United
States
80,538
6,858,616
Life
Sciences
Tools
&
Services
1.3%
a
Bio-Rad
Laboratories,
Inc.
,
A
.............................
United
States
36,245
9,777,089
Machinery
4.6%
Dover
Corp.
.........................................
United
States
96,047
17,221,227
Parker-Hannifin
Corp.
..................................
United
States
32,730
17,834,904
35,056,131
Oil,
Gas
&
Consumable
Fuels
3.4%
Crescent
Point
Energy
Corp.
.............................
Canada
1,165,154
10,265,007
Williams
Cos.,
Inc.
(The)
................................
United
States
419,107
16,076,944
26,341,951
Personal
Care
Products
2.0%
Kenvue,
Inc.
.........................................
United
States
826,679
15,558,099
Pharmaceuticals
1.2%
GSK
plc
............................................
United
States
432,667
8,977,226
Professional
Services
4.9%
ICF
International,
Inc.
..................................
United
States
60,597
8,743,541
KBR,
Inc.
...........................................
United
States
231,956
15,063,223
SS&C
Technologies
Holdings,
Inc.
.........................
United
States
225,697
13,968,387
37,775,151
Real
Estate
Management
&
Development
2.8%
a
CBRE
Group,
Inc.
,
A
...................................
United
States
133,309
11,583,219
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
30
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Real
Estate
Management
&
Development
(continued)
Colliers
International
Group,
Inc.
..........................
Canada
92,741
$
9,648,774
21,231,993
Retail
REITs
2.3%
Brixmor
Property
Group,
Inc.
.............................
United
States
797,148
17,616,971
Software
1.7%
Gen
Digital,
Inc.
......................................
United
States
643,041
12,950,846
Specialized
REITs
1.4%
SBA
Communications
Corp.
,
A
...........................
United
States
58,069
10,807,802
Specialty
Retail
1.0%
Dick's
Sporting
Goods,
Inc.
..............................
United
States
37,334
7,501,894
Trading
Companies
&
Distributors
3.7%
a
AerCap
Holdings
NV
...................................
Ireland
141,813
11,981,780
Ferguson
plc
.........................................
United
States
76,799
16,120,110
28,101,890
Total
Common
Stocks
(Cost
$
598,017,377
)
.....................................
731,669,811
Short
Term
Investments
4.1%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
4.1%
b,c
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
31,210,278
31,210,278
Total
Money
Market
Funds
(Cost
$
31,210,278
)
..................................
31,210,278
Total
Short
Term
Investments
(Cost
$
31,210,278
)
................................
31,210,278
a
Total
Investments
(Cost
$
629,227,655
)
100.0
%
..................................
$762,880,089
Other
Assets,
less
Liabilities
(0.0)
%
†
...........................................
(227,592)
Net
Assets
100.0%
...........................................................
$762,652,497
a
a
a
See
Abbreviations
on
page
59
.
†
Rounds
to
less
than
0.1%
of
net
assets.
a
Non-income
producing.
b
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
c
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
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Value
Investors
Trust
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Small
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accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
31
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
A
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$47.55
$51.18
$61.24
$41.84
$49.48
$52.59
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.27
0.39
0.25
0.47
c
0.45
0.51
d
Net
realized
and
unrealized
gains
(losses)
7.87
(2.42)
(4.60)
20.03
(5.01)
4.00
Total
from
investment
operations
........
8.14
(2.03)
(4.35)
20.50
(4.56)
4.51
Less
distributions
from:
Net
investment
income
..............
(0.46)
(0.20)
(0.34)
(0.35)
(0.58)
(0.44)
Net
realized
gains
.................
(1.98)
(1.40)
(5.37)
(0.75)
(2.50)
(7.18)
Total
distributions
...................
(2.44)
(1.60)
(5.71)
(1.10)
(3.08)
(7.62)
Net
asset
value,
end
of
period
..........
$53.25
$47.55
$51.18
$61.24
$41.84
$49.48
Total
return
e
.......................
17.16%
(4.09)%
(7.83)%
49.59%
(10.04)%
11.35%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.98%
0.99%
0.98%
1.00%
1.08%
1.06%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.97%
0.98%
g
0.98%
h
1.00%
h
1.07%
g
1.05%
g
Net
investment
income
...............
1.03%
0.75%
0.46%
0.81%
c
1.08%
1.10%
d
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,176,563
$1,076,436
$1,268,890
$1,577,561
$1,123,039
$1,334,235
Portfolio
turnover
rate
................
25.24%
68.74%
47.06%
52.76%
67.46%
57.84%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.56%.
d
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.80%.
e
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
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Highlights
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Small
Cap
Value
Fund
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The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
32
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
C
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$39.48
$42.88
$52.25
$35.87
$42.84
$46.45
Income
from
investment
operations
a
:
Net
investment
income
(loss)
b
........
0.06
—
c
(0.13)
0.02
d
0.12
0.15
e
Net
realized
and
unrealized
gains
(losses)
6.54
(2.00)
(3.87)
17.20
(4.33)
3.42
Total
from
investment
operations
........
6.60
(2.00)
(4.00)
17.22
(4.21)
3.57
Less
distributions
from:
Net
investment
income
..............
(0.11)
—
—
(0.09)
(0.26)
—
Net
realized
gains
.................
(1.98)
(1.40)
(5.37)
(0.75)
(2.50)
(7.18)
Total
distributions
...................
(2.09)
(1.40)
(5.37)
(0.84)
(2.76)
(7.18)
Net
asset
value,
end
of
period
..........
$43.99
$39.48
$42.88
$52.25
$35.87
$42.84
Total
return
f
........................
16.72%
(4.82)%
(8.51)%
48.51%
(10.73)%
10.52%
Ratios
to
average
net
assets
g
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.73%
1.74%
1.73%
1.75%
1.83%
1.81%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.72%
1.73%
h
1.73%
i
1.75%
i
1.82%
h
1.80%
h
Net
investment
income
(loss)
..........
0.29%
—%
j
(0.29)%
0.05%
d
0.34%
0.35%
e
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$49,724
$50,027
$68,960
$99,994
$77,586
$111,639
Portfolio
turnover
rate
................
25.24%
68.74%
47.06%
52.76%
67.46%
57.84%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Amount
rounds
to
less
than
$0.01
per
share.
d
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
(0.20)%.
e
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.05%.
f
Total
return
does
not
reflect
sales
commissions
or
contingent
deferred
sales
charges,
if
applicable,
and
is
not
annualized
for
periods
less
than
one
year.
g
Ratios
are
annualized
for
periods
less
than
one
year.
h
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
i
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
j
Rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
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Highlights
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Small
Cap
Value
Fund
(continued)
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accompanying
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an
integral
part
of
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financial
statements.
Semiannual
Report
33
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$46.86
$50.46
$60.43
$41.31
$48.88
$51.98
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.20
0.26
0.11
0.32
c
0.35
0.40
d
Net
realized
and
unrealized
gains
(losses)
7.75
(2.38)
(4.53)
19.79
(4.97)
3.94
Total
from
investment
operations
........
7.95
(2.12)
(4.42)
20.11
(4.62)
4.34
Less
distributions
from:
Net
investment
income
..............
(0.32)
(0.08)
(0.18)
(0.24)
(0.45)
(0.26)
Net
realized
gains
.................
(1.98)
(1.40)
(5.37)
(0.75)
(2.50)
(7.18)
Total
distributions
...................
(2.30)
(1.48)
(5.55)
(0.99)
(2.95)
(7.44)
Net
asset
value,
end
of
period
..........
$52.51
$46.86
$50.46
$60.43
$41.31
$48.88
Total
return
e
.......................
17.00%
(4.35)%
(8.05)%
49.22%
(10.27)%
11.06%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
1.23%
1.24%
1.23%
1.25%
1.33%
1.31%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
1.22%
1.23%
g
1.23%
h
1.25%
h
1.32%
g
1.30%
g
Net
investment
income
...............
0.79%
0.50%
0.21%
0.56%
c
0.84%
0.85%
d
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$107,073
$102,284
$119,060
$150,288
$106,201
$143,634
Portfolio
turnover
rate
................
25.24%
68.74%
47.06%
52.76%
67.46%
57.84%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.32%.
d
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.55%.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
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Investors
Trust
Financial
Highlights
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Small
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The
accompanying
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an
integral
part
of
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financial
statements.
34
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Class
R6
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$50.90
$54.68
$65.05
$44.37
$52.29
$55.17
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.40
0.63
0.48
0.71
c
0.65
0.75
d
Net
realized
and
unrealized
gains
(losses)
8.42
(2.60)
(4.89)
21.27
(5.27)
4.23
Total
from
investment
operations
........
8.82
(1.97)
(4.41)
21.98
(4.62)
4.98
Less
distributions
from:
Net
investment
income
..............
(0.67)
(0.41)
(0.59)
(0.55)
(0.80)
(0.68)
Net
realized
gains
.................
(1.98)
(1.40)
(5.37)
(0.75)
(2.50)
(7.18)
Total
distributions
...................
(2.65)
(1.81)
(5.96)
(1.30)
(3.30)
(7.86)
Net
asset
value,
end
of
period
..........
$57.07
$50.90
$54.68
$65.05
$44.37
$52.29
Total
return
e
.......................
17.36%
(3.72)%
(7.46)%
50.21%
(9.65)%
11.82%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.60%
0.61%
0.62%
0.62%
0.68%
0.66%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.59%
0.59%
g
0.59%
0.59%
0.64%
g
0.61%
g
Net
investment
income
...............
1.41%
1.14%
0.84%
1.15%
c
1.47%
1.54%
d
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,357,402
$1,225,364
$1,248,367
$1,336,020
$510,946
$362,397
Portfolio
turnover
rate
................
25.24%
68.74%
47.06%
52.76%
67.46%
57.84%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.90%.
d
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.24%.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Financial
Highlights
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
35
a
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
2022
2021
2020
2019
Advisor
Class
Per
share
operating
performance
(for
a
share
outstanding
throughout
the
period)
Net
asset
value,
beginning
of
period
.....
$50.98
$54.76
$65.13
$44.44
$52.36
$55.19
Income
from
investment
operations
a
:
Net
investment
income
b
.............
0.36
0.55
0.41
0.63
c
0.58
0.67
d
Net
realized
and
unrealized
gains
(losses)
8.44
(2.60)
(4.91)
21.30
(5.29)
4.24
Total
from
investment
operations
........
8.80
(2.05)
(4.50)
21.93
(4.71)
4.91
Less
distributions
from:
Net
investment
income
..............
(0.59)
(0.33)
(0.50)
(0.49)
(0.71)
(0.56)
Net
realized
gains
.................
(1.98)
(1.40)
(5.37)
(0.75)
(2.50)
(7.18)
Total
distributions
...................
(2.57)
(1.73)
(5.87)
(1.24)
(3.21)
(7.74)
Net
asset
value,
end
of
period
..........
$57.21
$50.98
$54.76
$65.13
$44.44
$52.36
Total
return
e
.......................
17.28%
(3.86)%
(7.59)%
49.98%
(9.81)%
11.61%
Ratios
to
average
net
assets
f
Expenses
before
waiver
and
payments
by
affiliates
..........................
0.73%
0.74%
0.73%
0.75%
0.83%
0.81%
Expenses
net
of
waiver
and
payments
by
affiliates
..........................
0.72%
0.73%
g
0.73%
h
0.75%
h
0.82%
g
0.80%
g
Net
investment
income
...............
1.28%
1.00%
0.71%
1.01%
c
1.30%
1.35%
d
Supplemental
data
Net
assets,
end
of
period
(000’s)
........
$1,224,688
$1,199,891
$1,406,507
$1,687,270
$646,240
$522,329
Portfolio
turnover
rate
................
25.24%
68.74%
47.06%
52.76%
67.46%
57.84%
a
The
amount
shown
for
a
share
outstanding
throughout
the
period
may
not
correlate
with
the
Statement
of
Operations
for
the
period
due
to
the
timing
of
sales
and
repurchases
of
the
Fund’s
shares
in
relation
to
income
earned
and/or
fluctuating
fair
value
of
the
investments
of
the
Fund.
b
Based
on
average
daily
shares
outstanding.
c
Net
investment
income
per
share
includes
approximately
$0.15
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
0.76%.
d
Net
investment
income
per
share
includes
approximately
$0.14
per
share
related
to
income
received
in
the
form
of
special
dividends
in
connection
with
certain
Fund
holdings.
Excluding
this
amount,
the
ratio
of
net
investment
income
to
average
net
assets
would
have
been
1.05%.
e
Total
return
is
not
annualized
for
periods
less
than
one
year.
f
Ratios
are
annualized
for
periods
less
than
one
year.
g
Benefit
of
expense
reduction
rounds
to
less
than
0.01%.
h
Benefit
of
waiver
and
payments
by
affiliates
rounds
to
less
than
0.01%.
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited),
April
30,
2024
Franklin
Small
Cap
Value
Fund
franklintempleton.com
Semiannual
Report
36
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
96.9%
Aerospace
&
Defense
5.5%
Babcock
International
Group
plc
..........................
United
Kingdom
3,218,723
$
20,369,814
Melrose
Industries
plc
..................................
United
Kingdom
5,418,108
42,569,876
QinetiQ
Group
plc
.....................................
United
Kingdom
21,832,340
93,181,154
a
Senior
plc
...........................................
United
Kingdom
28,282,051
57,539,319
213,660,163
Automobile
Components
1.3%
b
Adient
plc
...........................................
United
States
1,260,787
37,659,708
LCI
Industries
........................................
United
States
144,777
15,053,912
52,713,620
Banks
15.3%
Atlantic
Union
Bankshares
Corp.
..........................
United
States
585,132
18,589,644
a
Camden
National
Corp.
.................................
United
States
814,001
25,413,111
Columbia
Banking
System,
Inc.
...........................
United
States
4,455,880
83,815,103
First
Bancorp
........................................
United
States
876,158
26,643,965
First
Commonwealth
Financial
Corp.
.......................
United
States
1,926,186
25,406,393
First
Interstate
BancSystem,
Inc.
,
A
........................
United
States
3,733,834
99,693,368
German
American
Bancorp,
Inc.
..........................
United
States
870,750
27,628,898
Peoples
Bancorp,
Inc.
..................................
United
States
1,211,265
35,175,136
Seacoast
Banking
Corp.
of
Florida
........................
United
States
1,922,349
44,348,591
SouthState
Corp.
.....................................
United
States
1,274,910
96,510,687
TriCo
Bancshares
.....................................
United
States
1,021,104
35,503,786
WSFS
Financial
Corp.
..................................
United
States
1,888,465
80,694,109
599,422,791
Building
Products
2.2%
Insteel
Industries,
Inc.
..................................
United
States
441,343
14,167,110
UFP
Industries,
Inc.
....................................
United
States
625,994
70,549,524
84,716,634
Capital
Markets
1.6%
Piper
Sandler
Cos.
....................................
United
States
196,142
38,402,642
Victory
Capital
Holdings,
Inc.
,
A
...........................
United
States
484,286
24,630,786
63,033,428
Chemicals
7.4%
Ashland,
Inc.
.........................................
United
States
342,560
32,656,245
Avient
Corp.
.........................................
United
States
1,731,481
73,449,424
a,b
Elementis
plc
........................................
United
Kingdom
39,868,704
70,107,982
Olin
Corp.
...........................................
United
States
763,786
39,930,732
Tronox
Holdings
plc
...................................
United
States
4,312,250
73,265,127
289,409,510
Commercial
Services
&
Supplies
2.6%
HNI
Corp.
...........................................
United
States
1,069,951
44,884,445
Vestis
Corp.
.........................................
United
States
3,019,422
55,617,753
100,502,198
Communications
Equipment
1.0%
b
Lumentum
Holdings,
Inc.
................................
United
States
893,018
39,078,468
Construction
&
Engineering
3.7%
Primoris
Services
Corp.
.................................
United
States
1,975,683
92,066,828
Stantec,
Inc.
.........................................
Canada
24,644
1,962,033
b
WillScot
Mobile
Mini
Holdings
Corp.
.......................
United
States
1,415,348
52,311,262
146,340,123
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
37
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Consumer
Finance
0.4%
Bread
Financial
Holdings,
Inc.
............................
United
States
452,251
$
16,692,584
Diversified
REITs
1.1%
Alexander
&
Baldwin,
Inc.
...............................
United
States
2,720,551
44,807,475
Electric
Utilities
1.4%
IDACORP,
Inc.
.......................................
United
States
561,815
53,248,826
Electrical
Equipment
2.5%
Regal
Rexnord
Corp.
..................................
United
States
597,792
96,465,695
Electronic
Equipment,
Instruments
&
Components
5.4%
Benchmark
Electronics,
Inc.
.............................
United
States
1,158,518
34,998,829
b
Coherent
Corp.
.......................................
United
States
1,022,054
55,834,810
CTS
Corp.
..........................................
United
States
47,225
2,160,544
a,b
Knowles
Corp.
.......................................
United
States
5,721,347
90,568,923
b
Sanmina
Corp.
.......................................
United
States
470,266
28,531,038
212,094,144
Energy
Equipment
&
Services
0.8%
Hunting
plc
..........................................
United
Kingdom
2,334,461
10,376,463
b
John
Wood
Group
plc
..................................
United
Kingdom
4,355,973
8,078,067
TechnipFMC
plc
......................................
United
Kingdom
559,443
14,332,930
32,787,460
Food
Products
2.8%
Glanbia
plc
..........................................
Ireland
5,781,570
110,084,743
Health
Care
Equipment
&
Supplies
2.6%
b
Envista
Holdings
Corp.
.................................
United
States
3,432,594
67,553,450
b
Integer
Holdings
Corp.
.................................
United
States
306,599
34,225,646
101,779,096
Hotel
&
Resort
REITs
1.0%
Sunstone
Hotel
Investors,
Inc.
............................
United
States
3,756,578
38,317,096
Hotels,
Restaurants
&
Leisure
5.1%
Boyd
Gaming
Corp.
...................................
United
States
512,901
27,445,332
b
Brinker
International,
Inc.
...............................
United
States
1,340,841
71,869,078
Dalata
Hotel
Group
plc
.................................
Ireland
6,485,086
29,167,231
b
Hilton
Grand
Vacations,
Inc.
.............................
United
States
1,730,363
72,052,315
200,533,956
Household
Durables
1.8%
Century
Communities,
Inc.
..............................
United
States
140,017
11,106,149
b
M/I
Homes,
Inc.
.......................................
United
States
195,074
22,671,500
Meritage
Homes
Corp.
.................................
United
States
144,926
24,020,035
b
Taylor
Morrison
Home
Corp.
,
A
...........................
United
States
253,924
14,222,283
72,019,967
Industrial
REITs
0.1%
STAG
Industrial,
Inc.
...................................
United
States
106,895
3,676,119
Insurance
6.2%
CNO
Financial
Group,
Inc.
..............................
United
States
3,119,008
82,123,481
Hanover
Insurance
Group,
Inc.
(The)
.......................
United
States
690,470
89,636,815
Horace
Mann
Educators
Corp.
,
(
USD
Traded)
................
United
States
1,929,343
71,115,583
242,875,879
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
38
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Leisure
Products
2.2%
BRP,
Inc.
............................................
United
States
129,629
$
8,720,710
Brunswick
Corp.
......................................
United
States
293,215
23,644,858
b
Mattel,
Inc.
..........................................
United
States
3,024,759
55,413,585
87,779,153
Machinery
4.6%
b
Atmus
Filtration
Technologies,
Inc.
........................
United
States
760,049
23,021,884
a
Columbus
McKinnon
Corp.
..............................
United
States
1,767,853
72,959,293
Mueller
Water
Products,
Inc.
,
A
...........................
United
States
5,121,578
81,125,796
Timken
Co.
(The)
.....................................
United
States
25,937
2,314,099
179,421,072
Media
0.5%
Cable
One,
Inc.
.......................................
United
States
50,337
19,825,227
Metals
&
Mining
1.3%
Commercial
Metals
Co.
.................................
United
States
560,771
30,135,833
Ryerson
Holding
Corp.
.................................
United
States
705,725
20,148,449
50,284,282
Multi-Utilities
0.3%
Black
Hills
Corp.
......................................
United
States
235,110
12,907,539
Office
REITs
0.5%
Highwoods
Properties,
Inc.
..............................
United
States
745,834
19,540,851
Oil,
Gas
&
Consumable
Fuels
5.4%
Crescent
Point
Energy
Corp.
.............................
Canada
16,232,618
143,137,086
a,b
Green
Plains,
Inc.
.....................................
United
States
3,279,575
67,788,815
210,925,901
Paper
&
Forest
Products
0.8%
Louisiana-Pacific
Corp.
.................................
United
States
422,334
30,910,626
Professional
Services
1.0%
ICF
International,
Inc.
..................................
United
States
17,928
2,586,831
Kforce,
Inc.
..........................................
United
States
595,987
36,808,157
39,394,988
Real
Estate
Management
&
Development
0.1%
Colliers
International
Group,
Inc.
..........................
Canada
34,224
3,560,665
Retail
REITs
0.3%
Kite
Realty
Group
Trust
.................................
United
States
471,199
10,272,138
Semiconductors
&
Semiconductor
Equipment
1.2%
b
Cohu,
Inc.
...........................................
United
States
1,509,468
45,767,070
Software
3.7%
b
ACI
Worldwide,
Inc.
....................................
United
States
4,304,620
146,787,542
Specialty
Retail
0.6%
Group
1
Automotive,
Inc.
................................
United
States
74,958
22,039,151
Textiles,
Apparel
&
Luxury
Goods
0.9%
Dr.
Martens
plc
.......................................
United
Kingdom
20,204,750
19,174,203
PVH
Corp.
..........................................
United
States
131,523
14,309,703
33,483,906
Franklin
Value
Investors
Trust
Schedule
of
Investments
(unaudited)
Franklin
Small
Cap
Value
Fund
(continued)
franklintempleton.com
Semiannual
Report
39
a
a
Country
Shares
a
Value
a
a
a
a
a
a
Common
Stocks
(continued)
Trading
Companies
&
Distributors
1.7%
Herc
Holdings,
Inc.
....................................
United
States
103,866
$
14,855,954
McGrath
RentCorp
....................................
United
States
483,734
51,595,068
66,451,022
Total
Common
Stocks
(Cost
$
3,283,429,208
)
....................................
3,793,611,108
Management
Investment
Companies
2.5%
Capital
Markets
2.5%
iShares
Russell
2000
Value
ETF
..........................
United
States
663,409
98,874,477
Total
Management
Investment
Companies
(Cost
$
98,060,045
)
....................
98,874,477
Total
Long
Term
Investments
(Cost
$
3,381,489,253
)
.............................
3,892,485,585
a
Short
Term
Investments
1.5%
a
a
Country
Shares
a
Value
a
a
a
Money
Market
Funds
1.5%
c,d
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio
,
5.006
%
....
United
States
59,167,397
59,167,397
Total
Money
Market
Funds
(Cost
$
59,167,397
)
..................................
59,167,397
Total
Short
Term
Investments
(Cost
$
59,167,397
)
................................
59,167,397
a
Total
Investments
(Cost
$
3,440,656,650
)
100.9
%
................................
$3,951,652,982
Other
Assets,
less
Liabilities
(
0.9
)
%
...........................................
(36,203,005)
Net
Assets
100.0%
...........................................................
$3,915,449,977
a
a
a
See
Abbreviations
on
page
59
.
a
See
Note
6
regarding
holdings
of
5%
voting
securities.
b
Non-income
producing.
c
See
Note
3(f)
regarding
investments
in
affiliated
management
investment
companies.
d
The
rate
shown
is
the
annualized
seven-day
effective
yield
at
period
end.
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
April
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
40
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
Assets:
Investments
in
securities:
Cost
-
Unaffiliated
issuers
.................................
$134,857,472
$598,017,377
$2,978,778,114
Cost
-
Non-controlled
affiliates
(Note
3f
and
6)
..................
7,521,393
31,210,278
461,878,536
Value
-
Unaffiliated
issuers
................................
$184,380,953
$731,669,811
$3,508,108,142
Value
-
Non-controlled
affiliates
(Note
3f
and
6)
.................
7,521,393
31,210,278
443,544,840
Foreign
currency,
at
value
(cost
$–,
$–
and
$217,
respectively)
.......
—
—
216
Receivables:
Investment
securities
sold
.................................
760,864
—
22,411,175
Capital
shares
sold
......................................
33,551
264,396
1,581,109
Dividends
.............................................
921
946,157
2,339,581
Total
assets
........................................
192,697,682
764,090,642
3,977,985,063
Liabilities:
Payables:
Investment
securities
purchased
............................
—
—
53,323,514
Capital
shares
redeemed
.................................
115,016
612,477
5,368,532
Management
fees
.......................................
121,675
299,006
1,803,374
Distribution
fees
........................................
31,093
149,684
331,835
Transfer
agent
fees
......................................
43,520
190,162
1,377,531
Registration
and
filing
fees
................................
29,354
60,019
117,400
Professional
fees
.......................................
52,958
64,408
54,501
Trustees'
fees
and
expenses
...............................
4,263
11,460
53,961
Accrued
expenses
and
other
liabilities
.........................
4,686
50,929
104,438
Total
liabilities
.......................................
402,565
1,438,145
62,535,086
Net
assets,
at
value
...............................
$192,295,117
$762,652,497
$3,915,449,977
Net
assets
consist
of:
Paid-in
capital
...........................................
$135,032,345
$620,637,995
$3,335,853,397
Total
distributable
earnings
(losses)
...........................
57,262,772
142,014,502
579,596,580
Net
assets,
at
value
...............................
$192,295,117
$762,652,497
$3,915,449,977
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Assets
and
Liabilities
(continued)
April
30,
2024
(unaudited)
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
41
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
Class
A:
Net
assets,
at
value
.....................................
$145,694,077
$662,452,537
$1,176,563,228
Shares
outstanding
......................................
5,506,372
19,270,885
22,093,986
Net
asset
value
per
share
a,b
................................
$26.46
$34.38
$53.25
Maximum
offering
price
per
share
(net
asset
value
per
share
÷
94.50%)
b
..............................................
$28.00
$36.38
$56.35
Class
C:
Net
assets,
at
value
.....................................
$—
$9,815,354
$49,724,311
Shares
outstanding
......................................
—
301,573
1,130,475
Net
asset
value
and
maximum
offering
price
per
share
a,b
..........
$—
$32.55
$43.99
Class
R:
Net
assets,
at
value
.....................................
$—
$5,735,166
$107,073,271
Shares
outstanding
......................................
—
165,821
2,039,043
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$—
$34.59
$52.51
Class
R6:
Net
assets,
at
value
.....................................
$15,207,764
$34,978,587
$1,357,401,604
Shares
outstanding
......................................
561,690
968,412
23,784,195
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$27.08
$36.12
$57.07
Advisor
Class:
Net
assets,
at
value
.....................................
$31,393,276
$49,670,853
$1,224,687,563
Shares
outstanding
......................................
1,170,103
1,369,765
21,406,724
Net
asset
value
and
maximum
offering
price
per
share
b
...........
$26.83
$36.26
$57.21
a
Redemption
price
is
equal
to
net
asset
value
less
contingent
deferred
sales
charges,
if
applicable.
b
Net
asset
value
per
share
may
not
recalculate
due
to
rounding.
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Operations
for
the
six
months
ended
April
30,
2024
(unaudited)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
42
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
Investment
income:
Dividends:
(net
of
foreign
taxes
of
$13,294,
$24,414
and
$531,855,
respectively)
Unaffiliated
issuers
......................................
$1,755,533
$7,842,371
$34,893,233
Non-controlled
affiliates
(Note
3f
and
6)
.......................
151,299
898,162
4,989,882
Income
from
securities
loaned:
Unaffiliated
entities
(net
of
fees
and
rebates)
...................
(394)
—
642,289
Non-controlled
affiliates
(Note
3
f
)
...........................
436
—
—
Total
investment
income
.................................
1,906,874
8,740,533
40,525,404
Expenses:
Management
fees
(Note
3
a
)
.................................
766,617
1,848,305
11,048,741
Distribution
fees:
(Note
3c
)
    Class
A
..............................................
188,259
833,133
1,484,276
    Class
C
..............................................
—
52,469
261,086
    Class
R
..............................................
—
13,783
276,242
Transfer
agent
fees:
(Note
3e
)
    Class
A
..............................................
89,377
403,216
941,994
    Class
C
..............................................
—
6,384
41,572
    Class
R
..............................................
—
3,325
87,784
    Class
R6
.............................................
7,094
8,247
240,553
    Advisor
Class
..........................................
22,687
29,417
1,050,360
Custodian
fees
...........................................
781
2,938
24,661
Reports
to
shareholders
fees
................................
10,420
42,375
113,147
Registration
and
filing
fees
..................................
29,354
51,963
102,519
Professional
fees
.........................................
52,848
50,506
53,468
Trustees'
fees
and
expenses
................................
7,852
24,374
123,092
Other
..................................................
5,831
13,917
53,890
Total
expenses
.......................................
1,181,120
3,384,352
15,903,385
Expenses
waived/paid
by
affiliates
(Note
3f
and
3g)
............
(14,996)
(65,155)
(151,289)
Net
expenses
.......................................
1,166,124
3,319,197
15,752,096
Net
investment
income
..............................
740,750
5,421,336
24,773,308
Realized
and
unrealized
gains
(losses):
Net
realized
gain
(loss)
from:
Investments:
Unaffiliated
issuers
....................................
7,436,368
15,990,626
126,587,631
Non-controlled
affiliates
(Note
3
f
and
6
)
.....................
—
—
(41,067,684)
Foreign
currency
transactions
..............................
(396)
(24,215)
117,104
Net
realized
gain
(loss)
................................
7,435,972
15,966,411
85,637,051
Net
change
in
unrealized
appreciation
(depreciation)
on:
Investments:
Unaffiliated
issuers
....................................
7,612,440
95,263,602
421,064,907
Non-controlled
affiliates
(Note
3
f
and
6
)
.....................
—
—
96,651,729
Translation
of
other
assets
and
liabilities
denominated
in
foreign
currencies
...........................................
—
(1,113)
(25,574)
Net
change
in
unrealized
appreciation
(depreciation)
..........
7,612,440
95,262,489
517,691,062
Net
realized
and
unrealized
gain
(loss)
..........................
15,048,412
111,228,900
603,328,113
Net
increase
(decrease)
in
net
assets
resulting
from
operations
........
$15,789,162
$116,650,236
$628,101,421
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
franklintempleton.com
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Semiannual
Report
43
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
............
$740,750
$1,516,812
$5,421,336
$10,614,469
Net
realized
gain
(loss)
............
7,435,972
12,069,092
15,966,411
1,831,353
Net
change
in
unrealized
appreciation
(depreciation)
.................
7,612,440
(15,546,751)
95,262,489
(29,357,836)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
.
15,789,162
(1,960,847)
116,650,236
(16,912,014)
Distributions
to
shareholders:
Class
A
........................
(7,816,485)
(8,541,841)
(15,633,644)
(29,741,114)
Class
C
........................
—
—
(167,172)
(544,896)
Class
R
........................
—
—
(111,731)
(222,649)
Class
R6
.......................
(864,704)
(1,655,076)
(891,595)
(1,629,920)
Advisor
Class
...................
(2,233,966)
(2,737,837)
(1,184,176)
(2,058,722)
Total
distributions
to
shareholders
.....
(10,915,155)
(12,934,754)
(17,988,318)
(34,197,301)
Capital
share
transactions:
(Note
2
)
Class
A
........................
2,928,301
4,202,003
(31,151,699)
(36,585,914)
Class
C
........................
—
—
(1,997,939)
(4,277,447)
Class
R
........................
—
—
115,119
(145,538)
Class
R6
.......................
(437,706)
(8,300,169)
(1,290,284)
(2,537,069)
Advisor
Class
...................
(6,648,039)
(4,591,114)
246,577
(177,291)
Total
capital
share
transactions
.......
(4,157,444)
(8,689,280)
(34,078,226)
(43,723,259)
Net
increase
(decrease)
in
net
assets
.....................
716,563
(23,584,881)
64,583,692
(94,832,574)
Net
assets:
Beginning
of
period
................
191,578,554
215,163,435
698,068,805
792,901,379
End
of
period
.....................
$192,295,117
$191,578,554
$762,652,497
$698,068,805
Franklin
Value
Investors
Trust
Financial
Statements
Statements
of
Changes
in
Net
Assets
(continued)
franklintempleton.com
Semiannual
Report
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
44
Franklin
Small
Cap
Value
Fund
Six
Months
Ended
April
30,
2024
(unaudited)
Year
Ended
October
31,
2023
Increase
(decrease)
in
net
assets:
Operations:
Net
investment
income
.................................................
$24,773,308
$38,472,968
Net
realized
gain
(loss)
.................................................
85,637,051
158,770,180
Net
change
in
unrealized
appreciation
(depreciation)
...........................
517,691,062
(337,535,229)
Net
increase
(decrease)
in
net
assets
resulting
from
operations
................
628,101,421
(140,292,081)
Distributions
to
shareholders:
Class
A
.............................................................
(54,183,130)
(39,189,566)
Class
C
.............................................................
(2,513,003)
(2,197,068)
Class
R
.............................................................
(4,850,236)
(3,524,991)
Class
R6
............................................................
(63,537,572)
(41,658,770)
Advisor
Class
........................................................
(59,482,942)
(43,515,807)
Total
distributions
to
shareholders
..........................................
(184,566,883)
(130,086,202)
Capital
share
transactions:
(Note
2
)
Class
A
.............................................................
(28,741,073)
(111,212,666)
Class
C
.............................................................
(5,939,446)
(14,573,606)
Class
R
.............................................................
(7,475,079)
(8,815,609)
Class
R6
............................................................
(17,266,962)
67,158,340
Advisor
Class
........................................................
(122,664,315)
(119,959,955)
Total
capital
share
transactions
............................................
(182,086,875)
(187,403,496)
Net
increase
(decrease)
in
net
assets
...................................
261,447,663
(457,781,779)
Net
assets:
Beginning
of
period
.....................................................
3,654,002,314
4,111,784,093
End
of
period
..........................................................
$3,915,449,977
$3,654,002,314
Franklin
Value
Investors
Trust
45
franklintempleton.com
Semiannual
Report
Notes
to
Financial
Statements
(unaudited)
1.
Organization
and
Significant
Accounting
Policies
Franklin
Value
Investors
Trust (Trust)
is
registered
under
the
Investment
Company
Act
of
1940
(1940
Act)
as
an
open-
end
management
investment
company,
consisting
of three
separate
funds
(Funds). The
Funds
follow
the
accounting
and
reporting
guidance
in
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946,
Financial
Services
–
Investment
Companies
(ASC
946)
and apply
the
specialized
accounting
and
reporting
guidance
in
U.S.
Generally
Accepted
Accounting
Principles
(U.S.
GAAP),
including,
but
not
limited
to,
ASC
946. The
classes of
shares
offered
within
each
of
the Funds
are
indicated
below. Class
C
shares
automatically
convert
to
Class
A
shares
on
a
monthly
basis,
after
they
have
been
held
for
8
years.
Each
class
of
shares
may
differ
by
its initial
sales
load,
contingent
deferred
sales
charges,
voting
rights
on
matters
affecting
a
single
class,
its
exchange
privilege
and
fees
due
to
differing
arrangements
for
distribution
and
transfer
agent
fees.
Class
A,
Class
R6
&
Advisor
Class
Franklin
MicroCap
Value
Fund
Class
A,
Class
C,
Class
R,
Class
R6
&
Advisor
Class
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
Effective
May
22,
2024,
Franklin
MicroCap
Value
Fund
was
renamed
Franklin
Mutual
Small-Mid
Cap
Value
Fund. 
The
following
summarizes
the Funds'
significant
accounting
policies. 
a.
Financial
Instrument
Valuation
The Funds'
investments
in
financial
instruments
are
carried
at
fair
value
daily.
Fair
value
is
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
on
the
measurement
date.
The Funds calculate the
net
asset
value
(NAV)
per
share
each
business
day
as
of
4
p.m.
Eastern
time
or
the
regularly
scheduled
close
of
the
New
York
Stock
Exchange
(NYSE),
whichever
is
earlier. Under
compliance
policies
and
procedures
approved
by
the
Trust’s
Board
of
Trustees
(the
Board),
the
Board
has
designated
the
Funds’
investment
manager
as
the
valuation
designee
and
has
responsibility
for
oversight
of
valuation.
The
investment
manager
is
assisted
by
the
Funds'
administrator
in
performing
this
responsibility,
including
leading
the
cross-
functional
Valuation
Committee
(VC).
The
Funds
may
utilize
independent
pricing
services,
quotations
from
securities
and
financial
instrument
dealers,
and
other
market
sources
to
determine
fair
value. 
Equity
securities
and
exchange
traded
funds listed
on
an
exchange
or
on
the
NASDAQ
National
Market
System
are
valued
at
the
last
quoted
sale
price
or
the
official
closing
price of
the
day,
respectively.
Foreign
equity
securities
are
valued
as
of
the
close
of
trading
on
the
foreign
stock
exchange
on
which
the
security
is
primarily
traded,
or
as
of
4
p.m.
Eastern
time.
The
value
is
then
converted
into
its
U.S.
dollar
equivalent
at
the
foreign
exchange
rate
in
effect
at
4
p.m.
Eastern
time
on
the
day
that
the
value
of
the
security
is
determined.
Over-the-counter
(OTC)
securities
are
valued
within
the
range
of
the
most
recent
quoted
bid
and
ask
prices.
Securities
that
trade
in
multiple
markets
or
on
multiple
exchanges
are
valued
according
to
the
broadest
and
most
representative
market.
Certain
equity
securities
are
valued
based
upon
fundamental
characteristics
or
relationships
to
similar
securities. 
Investments
in open-end mutual
funds
are
valued
at
the
closing
NAV.
The
Funds
have
procedures
to
determine
the
fair
value
of
financial
instruments
for
which
market
prices
are
not
reliable
or
readily
available.
Under
these
procedures,
the
Funds
primarily
employ
a
market-based
approach
which
may
use
related
or
comparable
assets
or
liabilities,
recent
transactions,
market
multiples,
and
other
relevant
information
for
the
investment
to
determine
the
fair
value
of
the
investment.
An
income-based
valuation
approach
may
also
be
used
in
which
the
anticipated
future
cash
flows
of
the
investment
are
discounted
to
calculate
fair
value.
Discounts
may
also
be
applied
due
to
the
nature
or
duration
of
any
restrictions
on
the
disposition
of
the
investments.
Due
to
the
inherent
uncertainty
of
valuations
of
such
investments,
the
fair
values
may
differ
significantly
from
the
values
that
would
have
been
used
had
an
active
market
existed.
Trading
in
securities
on
foreign
securities
stock
exchanges
and
OTC
markets
may
be
completed
before
4
p.m.
Eastern
time.
In
addition,
trading
in
certain
foreign
markets
may
not
take
place
on
every
Funds'
business
day.
Events
can occur
between
the
time
at
which
trading
in
a
foreign
security
is
completed
and
4
p.m.
Eastern
time
that
might
call
into
question
the
reliability
of
the
value
of
a
portfolio
security
held
by
the
Funds.
As
a
result,
differences
may
arise
between
the
value
of
the
Funds'
portfolio
securities
as
determined
at
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
46
franklintempleton.com
Semiannual
Report
the
foreign
market
close
and
the
latest
indications
of
value
at
4
p.m.
Eastern
time.
In
order
to
minimize
the
potential
for
these
differences,
an
independent
pricing
service
may
be
used
to
adjust
the
value
of
the
Funds'
portfolio
securities
to
the
latest
indications
of
fair
value
at
4
p.m.
Eastern
time.
At
April
30,
2024,
certain
securities
may
have
been
fair
valued
using
these
procedures,
in
which
case
the
securities
were
categorized
as
Level
2
within
the
fair
value
hierarchy
(referred
to
as
“market
level
fair
value”).
See
the
Fair
Value
Measurements
note
for
more
information.
When
the
last
day
of
the
reporting
period
is
a
non-business
day,
certain
foreign
markets
may
be
open
on
those
days
that
the
Funds'
NAV
is
not
calculated,
which
could
result
in
differences
between
the
value
of
the
Funds'
portfolio
securities
on
the
last
business
day
and
the
last
calendar
day
of
the
reporting
period.
Any
security
valuation
changes
due
to
an
open
foreign
market
are
adjusted
and
reflected
by
the
Funds
for
financial
reporting
purposes.
b.
Foreign
Currency
Translation 
Portfolio
securities
and
other
assets
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
based
on
the
exchange
rate
of
such
currencies
against
U.S.
dollars
on
the
date
of
valuation.
The
Funds
may
enter
into
foreign
currency
exchange
contracts
to
facilitate
transactions
denominated
in
a
foreign
currency.
Purchases
and
sales
of
securities,
income
and
expense
items
denominated
in
foreign
currencies
are
translated
into
U.S.
dollars
at
the
exchange
rate
in
effect
on
the
transaction
date.
Portfolio
securities
and
assets
and
liabilities
denominated
in
foreign
currencies
contain
risks
that
those
currencies
will
decline
in
value
relative
to
the
U.S.
dollar.
Occasionally,
events
may
impact
the
availability
or
reliability
of
foreign
exchange
rates
used
to
convert
the
U.S.
dollar
equivalent
value.
If
such
an
event
occurs,
the
foreign
exchange
rate
will
be
valued
at
fair
value
using
procedures
established
and
approved
by
the
Board.
The
Funds
do
not
separately
report
the
effect
of
changes
in
foreign
exchange
rates
from
changes
in
market
prices
on
securities
held.
Such
changes
are
included
in
net
realized
and
unrealized
gain
or
loss
from
investments
in
the
Statements
of
Operations.
Realized
foreign
exchange
gains
or
losses
arise
from
sales
of
foreign
currencies,
currency
gains
or
losses
realized
between
the
trade
and
settlement
dates
on
securities
transactions
and
the
difference
between
the
recorded
amounts
of
dividends,
interest,
and
foreign
withholding
taxes
and
the
U.S.
dollar
equivalent
of
the
amounts
actually
received
or
paid.
Net
unrealized
foreign
exchange
gains
and
losses
arise
from
changes
in
foreign
exchange
rates
on
foreign
denominated
assets
and
liabilities
other
than
investments
in
securities
held
at
the
end
of
the
reporting
period.
c.
Securities
Lending
Certain
or
all
Funds
participate
in
an
agency
based
securities
lending
program
to
earn
additional
income.
The
Fund
receives
collateral
in
the
form
of
cash
and/or
U.S.
Government
and
Agency
securities
against
the
loaned
securities
in
an
amount
equal
to
at
least
102%
of
the
fair
value
of
the
loaned
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
100%
of
the
fair
value
of
loaned
securities,
as
determined
at
the
close
of
Fund
business
each
day;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
Fund
on
the
next
business
day.
Any
cash
collateral
received
is
deposited
into
a
joint
cash
account
with
other
funds
and
is
used
to
invest
in
a
money
market
fund
managed
by
Franklin
Advisers,
Inc.,
an
affiliate
of
the
Funds. The
Fund
may
receive
income
from
the
investment
of
cash
collateral,
in
addition
to
lending
fees
and
rebates
paid
by
the
borrower.
Income
from
securities
loaned,
net
of
fees
paid
to
the
securities
lending
agent
and/or
third-party
vendor,
is
reported
separately
in
the Statements of
Operations.
The
Fund
bears
the
market
risk
with
respect
to
any
cash
collateral
investment,
securities
loaned,
and
the
risk
that
the
agent
may
default
on
its
obligations
to
the
Fund.
If
the
borrower
defaults
on
its
obligation
to
return
the
securities
loaned,
the
Fund
has
the
right
to
repurchase
the
securities
in
the
open
market
using
the
collateral
received.
The
securities
lending
agent
has
agreed
to
indemnify
the
Fund
in
the
event
of
default
by
a
third
party
borrower.
At
April
30,
2024,
the
Funds
had
no
securities
on
loan.
d.
Income
and
Deferred
Taxes
It
is each
Fund's
policy
to
qualify
as
a
regulated
investment
company
under
the
Internal
Revenue
Code. Each
Fund
intends
to
distribute
to
shareholders
substantially
all
of
its
1.
Organization
and
Significant
Accounting
Policies
(continued)
a.
Financial
Instrument
Valuation
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
47
franklintempleton.com
Semiannual
Report
taxable
income
and
net
realized
gains
to
relieve
it
from
federal
income
and excise
taxes.
As
a
result,
no
provision
for
U.S.
federal
income
taxes
is
required.
The
Funds
may
be
subject
to
foreign
taxation
related
to
income
received,
capital
gains
on
the
sale
of
securities
and
certain
foreign
currency
transactions
in
the
foreign
jurisdictions
in
which
the
Funds
invest.
Foreign
taxes,
if
any,
are
recorded
based
on
the
tax
regulations
and
rates
that
exist
in
the
foreign
markets
in
which
the
Funds
invest.
When
a
capital
gain
tax
is
determined
to
apply,
certain
or
all
Funds
record
an
estimated
deferred
tax
liability
in
an
amount
that
would
be
payable
if
the
securities
were
disposed
of
on
the
valuation
date.
Each
Fund
may
recognize
an
income
tax
liability
related
to
its
uncertain
tax
positions
under
U.S.
GAAP
when
the
uncertain
tax
position
has
a
less
than
50%
probability
that
it
will
be
sustained
upon
examination
by
the
tax
authorities
based
on
its
technical
merits.
As
of
April
30,
2024, each
Fund
has
determined
that
no
tax
liability
is
required
in
its
financial
statements
related
to
uncertain
tax
positions
for
any
open
tax
years
(or
expected
to
be
taken
in
future
tax
years).
Open
tax
years
are
those
that
remain
subject
to
examination
and
are
based
on
the
statute
of
limitations
in
each
jurisdiction
in
which
the
Fund
invests.
e.
Security
Transactions,
Investment
Income,
Expenses
and
Distributions
Security
transactions
are
accounted
for
on
trade
date.
Realized
gains
and
losses
on
security
transactions
are
determined
on
a
specific
identification
basis.
Dividend
income
is
recorded
on
the
ex-dividend
date
except
for
certain
dividends
from
securities
where
the
dividend
rate
is
not
available.
In
such
cases,
the
dividend
is
recorded
as
soon
as
the
information
is
received
by
the
Funds.
Distributions
to
shareholders
are
recorded
on
the
ex-
dividend
date.
Distributable
earnings
are
determined
according
to
income
tax
regulations
(tax
basis)
and
may
differ
from
earnings
recorded
in
accordance
with
U.S.
GAAP.
These
differences
may
be
permanent
or
temporary.
Permanent
differences
are
reclassified
among
capital
accounts
to
reflect
their
tax
character.
These
reclassifications
have
no
impact
on
net
assets
or
the
results
of
operations.
Temporary
differences
are
not
reclassified,
as
they
may
reverse
in
subsequent
periods.
Common
expenses
incurred
by
the
Trust
are
allocated
among
the
Funds
based
on
the
ratio
of
net
assets
of
each
Fund
to
the
combined
net
assets
of
the
Trust
or
based
on
the
ratio
of
number
of
shareholders
of
each
Fund
to
the
combined
number
of
shareholders
of
the
Trust.
Fund
specific
expenses
are
charged
directly
to
the
Fund
that
incurred
the
expense.
Realized
and
unrealized
gains
and
losses
and
net
investment
income,
excluding
class
specific
expenses,
are
allocated
daily
to
each
class
of
shares
based
upon
the
relative
proportion
of
net
assets
of
each
class.
Differences
in
per
share
distributions
by
class
are
generally
due
to
differences
in
class
specific
expenses.
f.
Accounting
Estimates
The
preparation
of
financial
statements
in
accordance
with
U.S.
GAAP
requires
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities
at
the
date
of
the
financial
statements
and
the
amounts
of
income
and
expenses
during
the
reporting
period.
Actual
results
could
differ
from
those
estimates.
g.
Guarantees
and
Indemnifications
Under
the Trust's
organizational
documents,
its
officers
and trustees
are
indemnified
by
the Trust against
certain
liabilities
arising
out
of
the
performance
of
their
duties
to
the
Trust.
Additionally,
in
the
normal
course
of
business,
the Trust,
on
behalf
of
the
Funds, enters
into
contracts
with
service
providers
that
contain
general
indemnification
clauses.
The Trust's
maximum
exposure
under
these
arrangements
is
unknown
as
this
would
involve
future
claims
that
may
be
made
against
the Trust
that
have
not
yet
occurred.
Currently,
the Trust
expects
the
risk
of
loss
to
be
remote.
1.
Organization
and
Significant
Accounting
Policies
(continued)
d.
Income
and
Deferred
Taxes
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
48
franklintempleton.com
Semiannual
Report
2.
Shares
of
Beneficial
Interest
At
April
30,
2024,
there
were
an
unlimited
number
of
shares
authorized
(without
par value).
Transactions
in
the
Funds'
shares
were
as
follows:
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Shares
Amount
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
a
...................................
473,545
$12,973,761
760,254
$25,753,191
Shares
issued
in
reinvestment
of
distributions
..........
274,938
7,637,785
438,771
14,628,634
Shares
redeemed
...............................
(647,158)
(17,683,245)
(2,111,021)
(71,533,524)
Net
increase
(decrease)
..........................
101,325
$2,928,301
(911,996)
$(31,151,699)
Year
ended
October
31,
2023
Shares
sold
a
...................................
1,035,751
$27,659,059
2,557,243
$82,248,404
Shares
issued
in
reinvestment
of
distributions
..........
316,722
8,336,842
880,190
28,029,634
Shares
redeemed
...............................
(1,196,201)
(31,793,898)
(4,569,748)
(146,863,952)
Net
increase
(decrease)
..........................
156,272
$4,202,003
(1,132,315)
$(36,585,914)
Class
C
Class
C
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
—
$—
23,771
$776,121
Shares
issued
in
reinvestment
of
distributions
..........
—
—
5,273
166,900
Shares
redeemed
a
..............................
—
—
(92,327)
(2,940,960)
Net
increase
(decrease)
..........................
—
$—
(63,283)
$(1,997,939)
Year
ended
October
31,
2023
Shares
sold
...................................
—
$—
92,322
$2,772,546
Shares
issued
in
reinvestment
of
distributions
..........
—
—
18,066
543,938
Shares
redeemed
a
..............................
—
—
(250,836)
(7,593,931)
Net
increase
(decrease)
..........................
—
$—
(140,448)
$(4,277,447)
Class
R
Class
R
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
—
$—
13,270
$455,248
Shares
issued
in
reinvestment
of
distributions
..........
—
—
3,328
111,731
Shares
redeemed
...............................
—
—
(13,481)
(451,860)
Net
increase
(decrease)
..........................
—
$—
3,117
$115,119
Year
ended
October
31,
2023
Shares
sold
...................................
—
$—
28,352
$916,376
Shares
issued
in
reinvestment
of
distributions
..........
—
—
6,950
222,649
Shares
redeemed
...............................
—
—
(39,524)
(1,284,563)
Net
increase
(decrease)
..........................
—
$—
(4,222)
$(145,538)
Class
R6
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
49
franklintempleton.com
Semiannual
Report
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Shares
Amount
Shares
Amount
Class
R6
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
93,999
$2,623,345
77,285
$2,741,815
Shares
issued
in
reinvestment
of
distributions
..........
30,183
857,199
25,440
889,907
Shares
redeemed
...............................
(139,552)
(3,918,250)
(138,558)
(4,922,006)
Net
increase
(decrease)
..........................
(15,370)
$(437,706)
(35,833)
$(1,290,284)
Year
ended
October
31,
2023
Shares
sold
...................................
738,670
$20,542,994
170,034
$5,757,995
Shares
issued
in
reinvestment
of
distributions
..........
16,894
455,015
48,606
1,623,689
Shares
redeemed
...............................
(1,085,732)
(29,298,178)
(291,065)
(9,918,753)
Net
increase
(decrease)
..........................
(330,168)
$(8,300,169)
(72,425)
$(2,537,069)
Advisor
Class
Advisor
Class
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
194,851
$5,449,414
103,594
$3,652,867
Shares
issued
in
reinvestment
of
distributions
..........
77,907
2,193,089
32,917
1,156,386
Shares
redeemed
...............................
(516,613)
(14,290,542)
(128,222)
(4,562,676)
Net
increase
(decrease)
..........................
(243,855)
$(6,648,039)
8,289
$246,577
Year
ended
October
31,
2023
Shares
sold
...................................
552,788
$15,298,860
231,598
$7,993,826
Shares
issued
in
reinvestment
of
distributions
..........
100,780
2,690,820
60,145
2,016,897
Shares
redeemed
...............................
(845,417)
(22,580,794)
(300,970)
(10,188,014)
Net
increase
(decrease)
..........................
(191,849)
$(4,591,114)
(9,227)
$(177,291)
Franklin
Small
Cap
Value
Fund
Shares
Amount
Class
A
Class
A
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
a
...................................
627,653
$33,248,245
Shares
issued
in
reinvestment
of
distributions
..........
974,623
51,703,755
Shares
redeemed
...............................
(2,145,985)
(113,693,073)
Net
increase
(decrease)
..........................
(543,709)
$(28,741,073)
Year
ended
October
31,
2023
Shares
sold
a
...................................
1,910,538
$96,806,978
Shares
issued
in
reinvestment
of
distributions
..........
753,095
37,409,030
Shares
redeemed
...............................
(4,818,249)
(245,428,674)
Net
increase
(decrease)
..........................
(2,154,616)
$(111,212,666)
Class
C
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
50
franklintempleton.com
Semiannual
Report
Franklin
Small
Cap
Value
Fund
Shares
Amount
Class
C
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
45,799
$2,010,759
Shares
issued
in
reinvestment
of
distributions
..........
54,548
2,396,831
Shares
redeemed
a
..............................
(236,989)
(10,347,036)
Net
increase
(decrease)
..........................
(136,642)
$(5,939,446)
Year
ended
October
31,
2023
Shares
sold
...................................
186,548
$7,856,284
Shares
issued
in
reinvestment
of
distributions
..........
50,791
2,103,768
Shares
redeemed
a
..............................
(578,539)
(24,533,658)
Net
increase
(decrease)
..........................
(341,200)
$(14,573,606)
Class
R
Class
R
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
149,805
$7,824,817
Shares
issued
in
reinvestment
of
distributions
..........
92,413
4,838,733
Shares
redeemed
...............................
(386,151)
(20,138,629)
Net
increase
(decrease)
..........................
(143,933)
$(7,475,079)
Year
ended
October
31,
2023
Shares
sold
...................................
420,223
$21,360,196
Shares
issued
in
reinvestment
of
distributions
..........
71,808
3,518,304
Shares
redeemed
...............................
(668,686)
(33,694,109)
Net
increase
(decrease)
..........................
(176,655)
$(8,815,609)
Class
R6
Class
R6
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
2,961,096
$167,930,176
Shares
issued
in
reinvestment
of
distributions
..........
969,782
55,064,206
Shares
redeemed
...............................
(4,220,519)
(240,261,344)
Net
increase
(decrease)
..........................
(289,641)
$(17,266,962)
Year
ended
October
31,
2023
Shares
sold
...................................
6,931,820
$378,123,120
Shares
issued
in
reinvestment
of
distributions
..........
703,602
37,332,152
Shares
redeemed
...............................
(6,391,812)
(348,296,932)
Net
increase
(decrease)
..........................
1,243,610
$67,158,340
Advisor
Class
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
51
franklintempleton.com
Semiannual
Report
3.
Transactions
with
Affiliates
Franklin
Resources,
Inc.
is
the
holding
company
for
various
subsidiaries
that
together
are
referred
to
as
Franklin
Templeton.
Certain
officers
and
trustees
of
the Trust are
also
officers
and/or
directors
of
the
following
subsidiaries:
a.
Management
Fees
Franklin
MicroCap
Value
Fund
pays an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Franklin
Mutual
of
0.75%
per
year
of
the
average
daily net
assets
of
the
Fund.
Effective
May
22,
2024,
Franklin
MicroCap
Value
Fund
will
pay
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Franklin
Mutual
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
Franklin
Small
Cap
Value
Fund
Shares
Amount
Advisor
Class
Shares:
Six
Months
ended
April
30,
2024
Shares
sold
...................................
2,011,851
$114,360,377
Shares
issued
in
reinvestment
of
distributions
..........
934,392
53,213,657
Shares
redeemed
...............................
(5,075,958)
(290,238,349)
Net
increase
(decrease)
..........................
(2,129,715)
$(122,664,315)
Year
ended
October
31,
2023
Shares
sold
...................................
4,515,231
$247,071,979
Shares
issued
in
reinvestment
of
distributions
..........
725,949
38,607,884
Shares
redeemed
...............................
(7,391,567)
(405,639,818)
Net
increase
(decrease)
..........................
(2,150,387)
$(119,959,955)
a
May
include
a
portion
of
Class
C
shares
that
were
automatically
converted
to
Class
A.
Subsidiary
Affiliation
Franklin
Mutual
Advisers,
LLC
(Franklin
Mutual)
Investment
manager
Franklin
Templeton
Services,
LLC
(FT
Services)
Administrative
manager
Franklin
Distributors,
LLC
(Distributors)
Principal
underwriter
Franklin
Templeton
Investor
Services,
LLC
(Investor
Services)
Transfer
agent
Annualized
Fee
Rate
Net
Assets
0.700%
Up
to
and
including
$500
million
0.650%
In
excess
of
$500
million
2.
Shares
of
Beneficial
Interest
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
52
franklintempleton.com
Semiannual
Report
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Franklin
Mutual
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
Franklin
Small
Cap
Value
Fund
pays
an
investment
management
fee,
calculated
daily
and
paid
monthly,
to
Franklin
Mutual
based
on
the
average
daily
net
assets
of
the
Fund
as
follows:
For
the
period
ended
April
30,
2024,
each
Fund's
annualized
gross
effective
investment
management
fee
rate
based
on
average
daily
net
assets
was
as
follows:
b.
Administrative
Fees
Under
an
agreement
with
Franklin
Mutual,
FT
Services
provides
administrative
services
to
the
Funds.
The
fee
is
paid
by
Franklin
Mutual
based
on
each
of the
Funds'
average
daily
net
assets,
and
is
not
an
additional
expense
of
the
Funds.
c.
Distribution
Fees
The
Board
has
adopted
distribution
plans
for
each
share
class,
with
the
exception
of
Class
R6
and
Advisor
Class
shares,
pursuant
to
Rule
12b-1
under
the
1940
Act.
Under
the
Funds'
Class
A
reimbursement
distribution
plans,
the
Funds
reimburse
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of each
Fund's
shares
up
to
the
maximum
annual
plan
rate.
Under
the
Class
A
reimbursement
distribution
plans,
costs
exceeding
the
maximum
for
the
current
plan
year
cannot
be
reimbursed
in
subsequent
periods.
In
addition,
under
the
Funds'
Class
C
and
R compensation
distribution
plans,
the
Funds
pay
Distributors
for
costs
incurred
in
connection
with
the
servicing,
sale
and
distribution
of each
Fund's
shares
up
to
the
maximum
annual
plan
rate
for
each
class.
The
plan
year,
for
purposes
of
monitoring
compliance
with
the
maximum
annual
plan
rates,
is
February
1
through
January
31
for
each
Fund.
The
maximum
annual
plan
rates,
based
on
the
average
daily
net
assets,
for
each
class,
are
as
follows:
Annualized
Fee
Rate
Net
Assets
0.625%
Up
to
and
including
$100
million
0.500%
Over
$100
million,
up
to
and
including
$250
million
0.450%
Over
$250
million,
up
to
and
including
$7.5
billion
0.440%
Over
$7.5
billion,
up
to
and
including
$10
billion
0.430%
Over
$10
billion,
up
to
and
including
$12.5
billion
0.420%
Over
$12.5
billion,
up
to
and
including
$15
billion
0.400%
In
excess
of
$15
billion
Annualized
Fee
Rate
Net
Assets
0.750%
Up
to
and
including
$500
million
0.625%
Over
$500
million,
up
to
and
including
$1
billion
0.500%
Over
$1
billion,
up
to
and
including
$5
billion
0.490%
In
excess
of
$5
billion
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
Gross
effective
investment
management
fee
rate
........
0.750%
0.482%
0.546%
3.
Transactions
with
Affiliates
(continued)
a.
Management
Fees
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
53
franklintempleton.com
Semiannual
Report
For
Franklin
Small
Cap
Value
Fund,
the
Board
has
set
the
current
rate
at
0.25%
per
year
for
Class
A
shares
until
further
notice
and
approval
by
the
Board.
d.
Sales
Charges/Underwriting
Agreements
Front-end
sales
charges
and
contingent
deferred
sales
charges
(CDSC)
do
not
represent
expenses
of
the
Funds.
These
charges
are
deducted
from
the
proceeds
of
sales
of
fund
shares
prior
to
investment
or
from
redemption
proceeds
prior
to
remittance,
as
applicable.
Distributors
has
advised
the
Funds
of
the
following
commission
transactions
related
to
the
sales
and
redemptions
of
the
Funds'
shares
for
the
period:
e.
Transfer
Agent
Fees
Each
class
of
shares pays
transfer
agent
fees,
calculated
monthly
and
paid
monthly, to
Investor
Services
for
its
performance
of
shareholder
servicing
obligations. The
fees
are based
on
a
fixed
margin
earned
by
Investor
Services
and
are allocated
to
the Funds
based
upon
relative
assets
and
relative
transactions. In
addition,
each
class reimburses
Investor
Services
for
out
of
pocket
expenses
incurred
and,
except
for
Class
R6, reimburses
shareholder
servicing
fees
paid
to
third
parties.
These
fees
paid
to
third
parties
are
accrued
and
allocated
daily
based
upon
their
relative
proportion
of
such
classes'
aggregate
net
assets.
Class
R6
pays
Investor
Services
transfer
agent
fees
allocated
specifically
to
that
class
based
upon
its
relative
assets
and
relative
transactions.
For
the
period
ended
April
30,
2024,
the Funds
paid
transfer
agent
fees
as
noted
in
the
Statements of
Operations
of
which
the
following
amounts
were
retained
by
Investor
Services:
f.
Investments
in
Affiliated
Management
Investment
Companies
Certain
or
all
Funds
invest
in
one
or
more
affiliated
management
investment
companies.
As
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
fund’s
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
fund.
The
Funds
do
not
invest
for
purposes
of
exercising
a
controlling
influence
over
the
management
or
policies.
Management
fees
paid
by
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
Class
A
...............................
0.25%
0.25%
0.35%
Class
C
...............................
—%
1.00%
1.00%
Class
R
...............................
—%
0.50%
0.50%
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
Sales
charges
retained
net
of
commissions
paid
to
unaffiliated
brokers/dealers
..................
$21,901
$18,430
$15,168
CDSC
retained
...........................
$5,277
$3,274
$1,012
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
Transfer
agent
fees
........................
$47,102
$152,359
$796,281
3.
Transactions
with
Affiliates
(continued)
c.
Distribution
Fees
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
54
franklintempleton.com
Semiannual
Report
the
Funds
are
waived
on
assets
invested
in
the
affiliated
management
investment
companies,
as
noted
in
the
Statements
of
Operations,
in
an
amount
not
to
exceed
the
management
and
administrative
fees
paid
directly
or
indirectly
by
each
affiliate.
During
the
period
ended
April
30,
2024,
investments
in
affiliated
management
investment
companies
were
as
follows:
g.
Waiver
and
Expense
Reimbursements
Effective
May
22,
2024,
Franklin
Mutual
has
contractually
agreed
in
advance
to
waive
or
limit
its
fees
and
to
assume
as
its
own
expense
certain
expenses
otherwise
payable
by
Franklin
MicroCap
Value
Fund
so
that
the
operating
expenses
(excluding
interest
expense,
distribution
fees,
acquired
fund
fees
and
expenses
and
certain
non-routine
expenses
or
costs,
including
those
relating
to
litigation,
indemnification,
reorganizations,
and
liquidations)
for
each
class
of
the
Fund
do
not
exceed
0.90%
based
on
the
average
net
assets
of
each
class
until February
28,
2026.
Total
expenses
waived
or
paid
are
not
subject
to
recapture
subsequent
to
the
Fund's
fiscal
year
end. 
    aa
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
a      
a  
a  
a  
a  
a  
a  
a  
Franklin
MicroCap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$3,026,861
$26,451,343
$(21,956,811)
$—
$—
$7,521,393
7,521,393
$151,299
Non-Controlled
Affiliates
Income
from
securities
loaned
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$—
$782,000
$(782,000)
$—
$—
$—
—
$436
Total
Affiliated
Securities
...
$3,026,861
$27,233,343
$(22,738,811)
$—
$—
$7,521,393
$151,735
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$33,756,988
$69,205,246
$(71,751,956)
$—
$—
$31,210,278
31,210,278
$898,162
Total
Affiliated
Securities
...
$33,756,988
$69,205,246
$(71,751,956)
$—
$—
$31,210,278
$898,162
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
Institutional
Fiduciary
Trust
-
Money
Market
Portfolio,
5.006%
$76,597,843
$498,205,574
$(515,636,020)
$—
$—
$59,167,397
59,167,397
$1,675,067
Total
Affiliated
Securities
...
$76,597,843
$498,205,574
$(515,636,020)
$—
$—
$59,167,397
$1,675,067
3.
Transactions
with
Affiliates
(continued)
f.
Investments
in
Affiliated
Management
Investment
Companies
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
55
franklintempleton.com
Semiannual
Report
Transfer
agent
fees
on
Class
R6
shares
of
the
Funds
have
been
capped
so
that
transfer
agent
fees
for
that
class
do
not
exceed
0.03%
based
on
the
average
net
assets
of
the
class
until
February
28,
2025,
for
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
and
Franklin
Small
Cap
Value
Fund,
and
until
February
28,
2026,
for
Franklin
MicroCap
Value
Fund.
4.
Income
Taxes
At
April
30,
2024,
the
cost
of
investments
and
net
unrealized
appreciation
(depreciation) for
income
tax
purposes
were
as
follows:
Differences
between
income
and/or
capital
gains
as
determined
on
a
book
basis
and
a
tax
basis
are
primarily
due
to
differing
treatment
of
wash
sales.
5.
Investment
Transactions
Purchases
and
sales
of
investments
(excluding
short
term
securities)
for
the
period
ended
April
30,
2024,
were
as
follows:
6.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
The
1940
Act
defines
"affiliated
companies"
to
include
investments
in
portfolio
companies
in
which
a
fund
owns
5%
or
more
of
the
outstanding
voting
securities.
Additionally,
as
defined
in
the
1940
Act,
an
investment
is
deemed
to
be
a
“Controlled
Affiliate”
of
a
fund
when
a
fund
owns,
either
directly
or
indirectly,
25%
or
more
of
the
affiliated
companies’
outstanding
shares
or
has
the
power
to
exercise
control
over
management
or
policies
of
such
company.
During
the
period
ended
April
30,
2024,
investments
in
“affiliated
companies”
were
as
follows:
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
a
a
a
a
Cost
of
investments
.......................
$142,815,779
$640,016,449
$3,469,162,812
Unrealized
appreciation
.....................
$59,711,660
$158,525,278
$677,658,869
Unrealized
depreciation
.....................
(10,625,093)
(35,661,638)
(195,168,699)
Net
unrealized
appreciation
(depreciation)
.......
$49,086,567
$122,863,640
$482,490,170
Franklin
MicroCap
Value
Fund
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Franklin
Small
Cap
Value
Fund
Purchases
..............................
$18,550,245
$108,507,814
$1,001,658,719
Sales
..................................
$38,008,270
$156,520,943
$1,301,413,052
3.
Transactions
with
Affiliates
(continued)
g.
Waiver
and
Expense
Reimbursements
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
56
franklintempleton.com
Semiannual
Report
7.
Credit
Facility
The
Funds,
together
with
other
U.S.
registered
and
foreign
investment
funds
(collectively,
Borrowers),
managed
by
Franklin
Templeton,
are
borrowers
in
a
joint
syndicated
senior
unsecured
credit
facility
totaling
$2.675
billion
(Global
Credit
Facility)
which
matures
on
January
31,
2025.
This
Global
Credit
Facility
provides
a
source
of
funds
to
the
Borrowers
for
temporary
and
emergency
purposes,
including
the
ability
to
meet
future
unanticipated
or
unusually
large
redemption
requests.
Under
the
terms
of
the
Global
Credit
Facility,
the
Funds
shall,
in
addition
to
interest
charged
on
any
borrowings
made
by
the
Funds
and
other
costs
incurred
by
the
Funds,
pay
their
share
of
fees
and
expenses
incurred
in
connection
with
the
implementation
and
maintenance
of
the
Global
Credit
Facility,
based
upon
their
relative
share
of
the
aggregate
net
assets
of
all
of
the
Borrowers,
including
an
annual
commitment
fee
of
0.15%
based
upon
the
unused
portion
of
the
Global
Credit
Facility.
These
fees
are
reflected
in
other
expenses
in
the
Statements
of
Operations.
During
the
period ended
April
30,
2024,
the
Funds
did
not
use
the
Global
Credit
Facility.
8.
Fair
Value
Measurements
The Funds
follow
a
fair
value
hierarchy
that
distinguishes
between
market
data
obtained
from
independent
sources
(observable
inputs)
and
the Funds'
own
market
assumptions
(unobservable
inputs).
These
inputs
are
used
in
determining
the
value
of
the Funds' financial
instruments
and
are
summarized
in
the
following
fair
value
hierarchy:
Level
1
–
quoted
prices
in
active
markets
for
identical
financial
instruments
Value
at
Beginning
of
Period
Purchases
Sales
Realized
Gain
(Loss)
Net
Change
in
Unrealized
Appreciation
(Depreciation)
Value
at
End
of
Period
Number
of
Shares
Held
at
End
of
Period
Investment
Income
Franklin
Small
Cap
Value
Fund
Non-Controlled
Affiliates
Dividends
ACI
Worldwide,
Inc.
...
$
118,605,425
$
—
$
(43,779,166)
$
(6,679,282)
$
—
a
$
—
a
—
a
$
—
Camden
National
Corp
.
22,829,626
1,768,112
(877,076)
(346,620)
2,039,069
25,413,111
814,001
688,679
Children's
Place
Inc.
(The)
24,228,745
—
(18,862,522)
(46,404,953)
41,038,730
—
b
—
—
Clearfield,
Inc.
.......
25,463,434
—
(31,570,237)
(14,838,998)
20,945,801
—
b
—
—
Columbus
McKinnon
Corp.
50,856,191
8,167,693
(3,990,082)
(81,920)
18,007,411
72,959,293
1,767,853
245,474
Elementis
plc
.......
57,383,349
—
—
—
12,724,633
70,107,982
39,868,704
—
Green
Plains,
Inc.
....
83,231,601
28,641,797
(21,503,388)
(5,308,559)
(17,272,636)
67,788,815
3,279,575
—
Horace
Mann
Educators
Corp.
...........
77,847,302
—
(18,297,423)
(3,039,613)
—
a
—
a
—
a
1,522,419
Knowles
Corp
.......
71,614,533
3,572,893
—
—
15,381,497
90,568,923
5,721,347
—
McGrath
RentCorp
....
135,104,593
—
(101,916,083)
35,632,261
—
a
—
a
—
a
858,243
Senior
plc
..........
53,752,095
—
—
—
3,787,224
57,539,319
28,282,051
—
Total
Affiliated
Securities
(Value
is
9.8%
of
Net
Assets)
..........
$720,916,894
$42,150,495
$(240,795,977)
$(41,067,684)
$96,651,729
$384,377,443
$3,314,815
a
As
of
April
30,
2024,
no
longer
an
affiliate.
b
As
of
April
30,
2024,
no
longer
held
by
the
fund.
6.
Holdings
of
5%
Voting
Securities
of
Portfolio
Companies
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
57
franklintempleton.com
Semiannual
Report
Level
2
–
other
significant
observable
inputs
(including
quoted
prices
for
similar
financial
instruments,
interest
rates,
prepayment
speed,
credit
risk,
etc.)
Level
3
–
significant
unobservable
inputs
(including
the Funds'
own
assumptions
in
determining
the
fair
value
of
financial
instruments)
The
input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level.
A
summary
of
inputs
used
as
of
April
30,
2024,
in
valuing
the
Funds'
assets carried
at
fair
value,
is
as
follows:
Level
1
Level
2
Level
3
Total
Franklin
MicroCap
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
.........................
$
178,177,312
$
—
$
—
$
178,177,312
Management
Investment
Companies
.........
6,203,641
—
—
6,203,641
Short
Term
Investments
...................
7,521,393
—
—
7,521,393
Total
Investments
in
Securities
...........
$191,902,346
$—
$—
$191,902,346
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
Assets:
Common
Stocks
:
Aerospace
&
Defense
...................
$
23,177,715
$
21,917,029
$
—
$
45,094,744
Automobile
Components
.................
13,149,513
5,097,780
—
18,247,293
Banks
...............................
36,370,083
—
—
36,370,083
Building
Products
......................
15,756,505
—
—
15,756,505
Chemicals
...........................
43,766,042
—
—
43,766,042
Commercial
Services
&
Supplies
...........
17,805,300
—
—
17,805,300
Construction
&
Engineering
...............
11,368,120
—
—
11,368,120
Consumer
Finance
.....................
11,929,073
—
—
11,929,073
Containers
&
Packaging
.................
11,375,346
—
—
11,375,346
Distributors
...........................
8,327,885
—
—
8,327,885
Electric
Utilities
........................
50,282,986
—
—
50,282,986
Electrical
Equipment
....................
14,680,959
—
—
14,680,959
Electronic
Equipment,
Instruments
&
Components
........................
15,615,367
—
—
15,615,367
Energy
Equipment
&
Services
.............
24,067,679
—
—
24,067,679
Financial
Services
......................
36,337,400
—
—
36,337,400
Food
Products
........................
17,689,326
—
—
17,689,326
Health
Care
Equipment
&
Supplies
.........
21,391,301
—
—
21,391,301
Health
Care
Providers
&
Services
..........
21,398,190
9,058,685
—
30,456,875
Household
Durables
....................
13,789,897
—
—
13,789,897
Independent
Power
and
Renewable
Electricity
Producers
..........................
10,357,388
—
—
10,357,388
Insurance
............................
30,974,282
—
—
30,974,282
Interactive
Media
&
Services
..............
7,430,301
—
—
7,430,301
Leisure
Products
.......................
6,858,616
—
—
6,858,616
Life
Sciences
Tools
&
Services
............
9,777,089
—
—
9,777,089
Machinery
............................
35,056,131
—
—
35,056,131
Oil,
Gas
&
Consumable
Fuels
.............
26,341,951
—
—
26,341,951
Personal
Care
Products
.................
15,558,099
—
—
15,558,099
Pharmaceuticals
.......................
—
8,977,226
—
8,977,226
Professional
Services
...................
37,775,151
—
—
37,775,151
Real
Estate
Management
&
Development
....
21,231,993
—
—
21,231,993
Retail
REITs
..........................
17,616,971
—
—
17,616,971
Software
.............................
12,950,846
—
—
12,950,846
Specialized
REITs
......................
10,807,802
—
—
10,807,802
Specialty
Retail
........................
7,501,894
—
—
7,501,894
8.
Fair
Value
Measurements
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
58
franklintempleton.com
Semiannual
Report
Level
1
Level
2
Level
3
Total
Franklin
Mutual
U.S.
Mid
Cap
Value
Fund
(continued)
Assets:
(continued)
Common
Stocks:
Trading
Companies
&
Distributors
..........
$
28,101,890
$
—
$
—
$
28,101,890
Short
Term
Investments
...................
31,210,278
—
—
31,210,278
Total
Investments
in
Securities
...........
$717,829,369
$45,050,720
a
$—
$762,880,089
Franklin
Small
Cap
Value
Fund
Assets:
Investments
in
Securities:
Common
Stocks
:
Aerospace
&
Defense
...................
—
213,660,163
—
213,660,163
Automobile
Components
.................
52,713,620
—
—
52,713,620
Banks
...............................
599,422,791
—
—
599,422,791
Building
Products
......................
84,716,634
—
—
84,716,634
Capital
Markets
........................
63,033,428
—
—
63,033,428
Chemicals
...........................
219,301,528
70,107,982
—
289,409,510
Commercial
Services
&
Supplies
...........
100,502,198
—
—
100,502,198
Communications
Equipment
..............
39,078,468
—
—
39,078,468
Construction
&
Engineering
...............
146,340,123
—
—
146,340,123
Consumer
Finance
.....................
16,692,584
—
—
16,692,584
Diversified
REITs
......................
44,807,475
—
—
44,807,475
Electric
Utilities
........................
53,248,826
—
—
53,248,826
Electrical
Equipment
....................
96,465,695
—
—
96,465,695
Electronic
Equipment,
Instruments
&
Components
........................
212,094,144
—
—
212,094,144
Energy
Equipment
&
Services
.............
22,410,997
10,376,463
—
32,787,460
Food
Products
........................
110,084,743
—
—
110,084,743
Health
Care
Equipment
&
Supplies
.........
101,779,096
—
—
101,779,096
Hotel
&
Resort
REITs
...................
38,317,096
—
—
38,317,096
Hotels,
Restaurants
&
Leisure
.............
171,366,725
29,167,231
—
200,533,956
Household
Durables
....................
72,019,967
—
—
72,019,967
Industrial
REITs
.......................
3,676,119
—
—
3,676,119
Insurance
............................
242,875,879
—
—
242,875,879
Leisure
Products
.......................
87,779,153
—
—
87,779,153
Machinery
............................
179,421,072
—
—
179,421,072
Media
...............................
19,825,227
—
—
19,825,227
Metals
&
Mining
.......................
50,284,282
—
—
50,284,282
Multi-Utilities
..........................
12,907,539
—
—
12,907,539
Office
REITs
..........................
19,540,851
—
—
19,540,851
Oil,
Gas
&
Consumable
Fuels
.............
210,925,901
—
—
210,925,901
Paper
&
Forest
Products
.................
30,910,626
—
—
30,910,626
Professional
Services
...................
39,394,988
—
—
39,394,988
Real
Estate
Management
&
Development
....
3,560,665
—
—
3,560,665
Retail
REITs
..........................
10,272,138
—
—
10,272,138
Semiconductors
&
Semiconductor
Equipment
.
45,767,070
—
—
45,767,070
Software
.............................
146,787,542
—
—
146,787,542
Specialty
Retail
........................
22,039,151
—
—
22,039,151
Textiles,
Apparel
&
Luxury
Goods
..........
14,309,703
19,174,203
—
33,483,906
Trading
Companies
&
Distributors
..........
66,451,022
—
—
66,451,022
Management
Investment
Companies
.........
98,874,477
—
—
98,874,477
Short
Term
Investments
...................
59,167,397
—
—
59,167,397
Total
Investments
in
Securities
...........
$3,609,166,940
$342,486,042
b
$—
$3,951,652,982
a
Includes
foreign
securities
valued
at
$45,050,720,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
b
Includes
foreign
securities
valued
at
$342,486,042,
which
were
categorized
as
Level
2
as
a
result
of
the
application
of
market
level
fair
value
procedures.
See
the
Financial
Instrument
Valuation
note
for
more
information.
8.
Fair
Value
Measurements
(continued)
Franklin
Value
Investors
Trust
Notes
to
Financial
Statements
(unaudited)
59
franklintempleton.com
Semiannual
Report
9.
Subsequent
Events
The
Funds
have
evaluated
subsequent
events
through
the
issuance
of
the financial
statements
and
determined
that
no
events
have
occurred
that
require
disclosure
other
than
those
already
disclosed
in
the
financial
statements.
Abbreviations
Selected
Portfolio
ETF
Exchange-Traded
Fund
REIT
Real
Estate
Investment
Trust
Franklin
Value
Investors
Trust
Shareholder
Information
60
franklintempleton.com
Semiannual
Report
Proxy
Voting
Policies
and
Procedures
The
Trust’s
investment
manager
has
established
Proxy
Voting
Policies
and
Procedures
(Policies)
that
the
Trust
uses
to
determine
how
to
vote
proxies
relating
to
portfolio
securities.
Shareholders
may
view
the
Trust’s
complete
Policies
online
at
franklintempleton.com.
Alternatively,
shareholders
may
request
copies
of
the
Policies
free
of
charge
by
calling
the
Proxy
Group
collect
at
(954)
527-
7678
or
by
sending
a
written
request
to:
Franklin
Templeton
Companies,
LLC,
300
S.E.
2nd
Street,
Fort
Lauderdale,
FL
33301,
Attention:
Proxy
Group.
Copies
of
the
Trust’s
proxy
voting
records
are
also
made
available
online
at
franklintempleton.com
and
posted
on
the
U.S.
Securities
and
Exchange
Commission’s
website
at
sec.gov
and
reflect
the
most
recent
12-month
period
ended
June
30.
Quarterly
Schedule
of
Investments
The
Trust
files
a
complete
schedule
of
investments
with
the
U.S.
Securities
and
Exchange
Commission
for
the
first
and
third
quarters
for
each
fiscal
year
as
an
exhibit
to
its
report
on
Form
N-PORT.
Shareholders
may
view
the
filed
Form
N-PORT
by
visiting
the
Commission’s
website
at
sec.
gov.
The
filed
form
may
also
be
viewed
and
copied
at
the
Commission’s
Public
Reference
Room
in
Washington,
DC.
Information
regarding
the
operations
of
the
Public
Reference
Room
may
be
obtained
by
calling
(800)
SEC-0330.
Householding
of
Reports
and
Prospectuses
You
will
receive,
or
receive
notice
of
the
availability
of,
each
Fund’s
financial
reports
every
six
months.
In
addition,
you
will
receive
an
annual
updated
summary
prospectus
(detail
prospectus
available
upon
request).
To
reduce
Fund
expenses,
we
try
to
identify
related
shareholders
in
a
household
and
send
only
one
copy
of
the
financial
reports
(to
the
extent
received
by
mail)
and
summary
prospectus.
This
process,
called
“householding,”
will
continue
indefinitely
unless
you
instruct
us
otherwise.
If
you
prefer
not
to
have
these
documents
householded,
please
call
us
at
(800)
632-2301.
At
any
time
you
may
view
current
prospectuses/
summary
prospectuses
and
financial
reports
on
our
website.
If
you
choose,
you
may
receive
these
documents
through
electronic
delivery.
FVIT
S
06/24
©
2024
Franklin
Templeton
Investments.
All
rights
reserved.
Authorized
for
distribution
only
when
accompanied
or
preceded
by
a
summary
prospectus
and/or
prospectus.
Investors
should
carefully
consider
a
fund’s
investment
goals,
risks,
charges
and
expenses
before
investing.
A
prospectus
contains
this
and
other
information;
please
read
it
carefully
before
investing.
To
help
ensure
we
provide
you
with
quality
service,
all
calls
to
and
from
our
service
areas
are
monitored
and/or
recorded.
Semiannual
Report
Franklin
Value
Investors
Trust
Investment
Manager
Distributor
Shareholder
Services
Franklin
Mutual
Advisers,
LLC
Franklin
Distributors,
LLC
(800)
DIAL
BEN
®
/
342-5236
franklintempleton.com
(800)
632-2301
Item 2. Code of Ethics.
 
(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. 
 
(c) N/A
 
(d) N/A
 
(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officers and principal financial and accounting officer.
 
 
Item 3. Audit Committee Financial Expert.
 
(a)(1) The Registrant has an audit committee financial expert serving on its audit committee.
 
(2) The audit committee financial experts are David W. Niemiec and Ann Torre Bates and they are "independent" as defined under the relevant Securities and Exchange Commission Rules and Releases.
 
 
Item 4.
Principal Accountant Fees and Services.             N/A
 
 
Item 5. Audit Committee of Listed Registrants.              N/A
 
 
Item 6. Schedule of Investments.                            N/A

 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
             N/A
 
 
Item 8. Portfolio Managers of Closed-End Management Investment Companies.                                        N/A
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and
Affiliated Purchasers.             N/A
 
 
Item 10. Submission of Matters to a Vote of Security Holders.
 
There have been no changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees that would require disclosure herein.
 
 
Item 11. Controls and Procedures.
 
(a) Evaluation of Disclosure Controls and Procedures.
The Registrant maintains disclosure controls and procedures that are designed to provide reasonable assurance that information required to be disclosed in the Registrant’s filings under the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940 is recorded, processed, summarized and reported within the periods specified in the rules and forms of the Securities and Exchange Commission. Such information is accumulated and communicated to the Registrant’s management, including its principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure. The Registrant’s management, including the principal executive officer and the principal financial officer, recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

 
Within 90 days prior to the filing date of this Shareholder Report on Form N-CSR, the Registrant had carried out an evaluation, under the supervision and with the participation of the Registrant’s management, including the Registrant’s principal executive officer and the Registrant’s principal financial officer, of the effectiveness of the design and operation of the Registrant’s disclosure controls and procedures. Based on such evaluation, the Registrant’s principal executive officer and principal financial officer concluded that the Registrant’s disclosure controls and procedures are effective.

 
(b) Changes in Internal Controls.
There have been no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect the internal control over financial reporting.


Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Company.                       N/A
 
 
Item 13. Recovery of Erroneously Awarded Compensation.
 
(a) N/A


(b) N/A
 
 
Item 14. Exhibits.
 
(a)(1) Code of Ethics
 
 
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
(a)(2)(1) There were no written solicitations to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the Registrant to 10 or more persons.
 
(a)(2)(2) There was no change in the Registrant’s independent public accountant during the period covered by the report.
 
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 of Christopher Kings, Chief Executive Officer - Finance and Administration, and Jeffrey White, Chief Financial Officer, Chief Accounting Officer and Treasurer
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
FRANKLIN
VALUE INVESTORS TRUST
 
 
By S\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  June 27, 2024


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
By S\CHRISTOPHER KINGS _________________
Christopher Kings
      Chief Executive Officer - Finance and Administration
Date  June 27, 2024
 
 
By S\JEFFREY WHITE______________________
      Jeffrey White
      Chief Financial Officer, Chief Accounting Officer and Treasurer
Date  June 27, 2024